Probate and Trust frequently asked questions
What is probate?
Probate is the court process through which a person is appointed to oversee a decedent’s estate. The process involves identifying the decedent’s final assets, paying debts, and distributing assets to heirs.
Do I need to hire an attorney to go through probate?
It is not required, but highly recommended. Contact Trust Properties USA at 1(800)579-4380 for our attorney referral list.
How long will it take to sell my home in probate?
This depends on whether the Administrator of the Estate has full or limited authority. If the Administrator has full authority, then the sale does not require court confirmation and the escrow period could be a normal 30 day escrow. If the Administrator has limited authority, then the sale needs to be confirmed by a Judge in probate court and the sale is subject to court confirmation and overbids. This usually takes 60 to 90 days.
What is the difference between a probate real estate sale and a standard real estate sale?
A probate sale is where the seller has died and the home was not put into a Trust therefore the sale has to go through the probate court so an administrator can be appointed. An administrator can be appointed with either full or limited authority
What is the difference between full authority and limited authority when selling your home through probate?
Administrators who are appointed with full authority will typically be able to proceed with the sale of the home with fewer differences from a standard sale
When is the sale of an estate subject to court confirmation?
A probate sale is subject to court confirmation when an administrator is appointed with limited authority.
How does the California probate overbid process work?
Firstly, the sales price must be within 90% of the court appraisal. When the home goes into escrow, the buyer must remove all contingencies. Once the contingencies are removed then the probate attorney will petition the probate court to confirm the sale. The sale is subject to auction style overbidding in the courtroom. The minimum first overbid over the sales price is 5% plus $500. Any further minimum overbids amounts are at the discretion of the Judge.
What is a conservatorship?
A conservatorship is where the seller is still alive but the Judge has appointed a Conservator to handle the person’s financial and life affairs. This is usually due to diminished mental capacity or other illnesses. The sale is required to go through probate court in the county the property is located and must be subject to court confirmation.
What is the difference between a guardianship and a conservatorship?
A guardianship is when the probate court assigns someone to attend to the financial and life affairs of a minor. A conservatorship is for an adult.