New Homes For Sale Alhambra Arcadia Real Estate Rowland Heights Property Listings Los Angeles CA Realtor Agent MLS

Home | Contact | Sitemap

Probate in the most general sense refers to how your estate is handled legally after you die.

The probate process can be thought of as the guidelines to be followed in order to transfer or sell your estate.

A common misconception is that the probate process requires a will. The probate process takes place whether or not you have a valid will in place. A valid will determines how your estate is handled in the probate process, however, in the event a will is not available, the probate process will deal with your estate according to state laws and regulations.

Some essential things to keep in mind about probate:

There are 2 basic aspects of the probate process

1. Pays off debts you still owe

2. Transfers your assets to your beneficiaries (the people you want to leave your assets to)

State courts handle the probate court, meaning that the process might differ depending on which state your assets are in.
The basic process of the court in handling probate is as follows:

1. Let's your heirs, creditors, etc. know that you have passed away

2. Record and inventory all your property

3. Decide where your assets are to go (pay off debts, to your heirs, etc.)

If you have not selected someone to be your representative after you die, the court will assign one to your assets.
In the case you have not selected a representative, your family members can request to become your representative.
Your representative will inventory and account for all your assets

In some cases, your assets may not cover all your debts, if this is the case, your beneficiaries may get less than what you willed them or even nothing at all

The order in which your assets get distributed:

1. Admin fees (legal fees, appraisal fees, etc.)

2. Family allowance

3. Expenses for funeral

4. Debts and various taxes

5. Misc.

Probate regarding real estate:

1. When a person receives a property through a will, they are not only assuming control of the property, but also taking on all the responsibility that goes along with it, such as mortgage, taxes, etc.

2. Due to the burdens of getting a property through a will, many people are eager to sell their probate property as long as the executor has the permission of all the beneficiaries to sell a property, the sale of a probate property is actually very straightforward.