The Journal

Selling Property Through Probate In California

When real estate and other valuable property are left to loved ones, it often is not just given to a single named beneficiary. Many parents leave a home or other property to all children to be divided equally. During probate, the executor of an estate commonly will sell this property and divide the profits among beneficiaries. Selling California property through probate is a bit different than selling a home you own outright, which you must keep in mind when listing and negotiating a sale. The process of selling California property through probate is a bit more complicated than selling property under any other circumstances.

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Living Trust?

In deciding whether to create a living trust, it’s probably prudent to first understand the pros and cons of having a trust vs. not having a trust. If someone has not created a valid trust by the time they die, their estate must typically go through probate. Probate is a court-supervised process that facilitates the legal transfer of a decedent’s property to his or her beneficiaries. In California, the Probate Code states that probate estates of $150,000 or more must be probated if no trust exists.

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When, Why, and How to Choose a Probate Realtor

When should I consider a probate Realtor? When someone passes away without a trust, his or her estate will typically go through a process called “probate.” Probate is a court-supervised process that is required to legally transfer ownership of a decedent’s property to his or her heirs/beneficiaries.  This process usually takes a year or more to complete. The “personal representative” of the estate (i.e. the person designated to administer the estate during probate) may choose to sell some or all of the real property in the estate during the probate period. In these situations, it is prudent to hire a “probate Realtor” to represent the estate in the sale of the real property.  Alternatively, if you are person looking to buy a property that is owned by an estate going thr...

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Avoiding Common Mistakes in Selling Probate Real Estate

(Avoiding These Four Mistakes Will Save You Time and MONEY!)   Okay. You’ve just found out your relative has passed on and you are the trustee of their trust. Or perhaps there’s no trust. It’s often a difficult time, but if the deceased has a home that is not in a trust, the property must go through probate to be transferred or sold, which we will discuss below. The property at that point is called probate property. Meanwhile, you’re not even sure what a house in probate is, and maybe, just maybe, you need the money from the sale! If you need the money from the sale right away, you might be in too much of a hurry and make some mistakes. Don’t rush it.   Selling a home in probate can be tricky You’ve probably bought and sold houses over the years as you’...

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