LOS ANGELES PREMIER PROBATE SERVICES BROKERAGE
Contact             FAQ                                    

LOS ANGELES PREMIER PROBATE SERVICES BROKERAGE

tHE BASICS OF PROBATE SALES

re-divider

 

Probate is the legal term for gathering the assets of a deceased person to pay his debts, and distributing the balance to his beneficiaries. It is a court-supervised process which can span from several months to several years, depending upon the complexity of the case. Most probate cases close in less than two years, but all must complete the three phases outlined below, however long it may take.

 1. Appointment of Probate (1 to 60 days)

  • Probate case is filed
  • Deceased person’s Will (if any) is admitted to probate
  • Court appoints an Estate Representative (called either “Administrator” or “Executor”)

2. Administration (2 to 8 months or more, depending on complexity)

The Estate Representative takes several actions during this phase.

  • Searches for deceased person’s assets, including real estate, and debts
  • Obtains appraisal of all assets
  • Confirms validity of all debts
  • Liquidates (sells) some or all assets to pay valid debts
  • Resolves all claims and debts against estate

3. Closing (9 to 12 months or more, depending on complexity)

The Estate Representative takes several actions during this phase.

  • Prepares final report and accounting for the court and beneficiaries for approval
  • Distributes net estate to beneficiaries according to the Will, or according to the laws of the State of California if there is no Will
  • Closes the case
There are certain advantages of probate.

  • The proceedings are controlled by a judge, who can decide disputes between heirs or between the heirs and the executor.
  • Creditors are required to submit their claims against the estate within a four-month period, provided they have been notified of the probate.
  • The executor is required, in most cases, to prepare an accounting and report of the executor’s activities.
 There are certain drawbacks of probate.

  • The cost is usually much higher than would be required for the administration of a living trust for an estate valued at the same amount.
  • It usually takes longer to probate an estate than to administer a trust.
  • Most estates don’t need the supervision of the court unless disputes occur.