“Probate” is the court-supervised administration of a decedent’s estate. The procedure begins with the filing of a petition with a probate court for the probate of a decedent’s will or for letters of administration if there is no will. The probate proceeding involves “proving the will” (if there is a will), appointing the personal representative, determining the decedent’s assets which … Read More
The laws of Intestate Succession in California are found in Sections 6400 – 6413 of the California Probate Code. The following is a table designed to simplify the manner in which separate property is distributed when someone dies and does not leave a will (they passed on “intestate,” without a will). 1. If there is a surviving spouse but no surviving … Read More
Are you looking for an experienced Santa Cruz probate Realtor? When a person dies, their estate (including real estate) may need to pass through the probate process. This is the legal process whereby a deceased person’s assets & debts are disbursed and settled. When the sale of real property (house, condo, land, etc.) is subject to probate, it typically requires that there be a court that oversees the … Read More
Abatement A proportional diminution or reduction of the pecuniary legacies, when there are not sufficient funds to pay them in full. Ademption When property mentioned in a will cannot be given to a beneficiary because it no longer belonged to the deceased at the time of death. For example, the particular gift may have been destroyed, sold, or given away … Read More
Step Time Frame Prepare and File Petition for Probate 1-2 months Court hearing on the Petition for Probate 1-2 months Prepare and File Petition for Probate 2-3 months The following are issued: Letters of Administration, Orders for Probate, Duties and Liabilities, Issue Bond (if ordered) **Letters of Testimentary ** 2-4 months (if not contested) Notice to Creditors 2-4 months Notice … Read More
You really need to look at the year before to see how the market performed – and from the statistics, we can see the median home price, county-wide, is actually down 33.5% in April of 2009 compared to a year ago. … Honestly, I am mystified how people can take a few anecdotes, completely ignore the state of the economy and the housing market as a whole, and now herald, with strident authority, that we are now at the bottom of the market and THIS, TODAY is the time to buy, or you will miss out on the chance of a lifetime. … Well, that’s not true – short sales can also occur at those prices, and some people who have had their homes a long, long time may have enough equity in them to compete with all the REOs and short sales. … Personally, I think it’s going to put increased pressure on the bottom of the market, as many people who were looking at buying a lower-priced “starter” home may now be thinking of stretching to go for one of these “premium” foreclosures which I expect we’ll be seeing.