Collect and transfer real property in estates valued at less than $150,000 without having to go through the lengthy, formal probate process saving heirs time, money, and the stress of going through probate court.
Irvine, California (PRWEB) October 03, 2012
Mark W. Bidwell, Attorney at Law, at California Small Estate collects and transfers real property in estates valued at less than $150,000 without having to go through the lengthy, formal probate process saving heirs time, money, and the stress of going through probate court.
Assets valued at less than $50,000 are transferred by affidavit without a court order, meaning probate can be avoided altogether. Assets valued at more than $50,000 to $150,000 are transferred by court order with minimal notice and one court hearing. For more information call 949-474-0961 or email Mark(at)BidwellLaw(dot)com.
Formal probate administration is the process of after death collection and transfer of assets and payment of debts under the supervision of the Superior Court of California. Property which is in the name of the deceased and appraised at more than $150,000 must be transferred by formal probate administration.
Formal probate administration requires court hearings; notice to heirs; notice to the public; notice to creditors; notice to state authorities; the collection and inventory assets; the appraisal of assets; accountings; and court orders to begin administration, act, approve and close the estate. Formal probate administration takes about one year to complete and is open to the public. The mandatory costs are about 4 to 5 percent of gross assets.
The opportunity for reduced probate administration is determined by the value of the real property. The value of real property is determined by an independent third party, the probate referee.
Property valued at less than $50,000 is collected and transferred by affidavit. Transfer by affidavit is without court supervision. There are no hearings, no court orders, no accountings and no notices. An heir declares under penalty of perjury he or she is entitled to receive the real property by affidavit. The clerk of the probate court approves the affidavit. The affidavit is filed with the county recorder. An affidavit filed with the county recorder allows for a subsequent quit claim deed to change ownership on the public record.
Property appraised at more than $50,000 but less than $150,000 is collected and transferred by court order obtained with one hearing date at probate court. Heirs and beneficiaries of the Will are notified of the hearing. A court order to transfer the real property is obtained at the hearing. The court order is filed with the county recorder. The filed court order allows for a subsequent quit claim deed to change ownership on the public record.
Real property held in joint tenancy or a revocable trust is not included in the value of a probate estate. Transfer by affidavit or court order are good tools to pick up the lots of land, timeshares, vacation homes, and houses in rural areas that were omitted or overlooked in the decedent’s estate planning. Many homes and condominiums in cities and suburbs now qualify for this kind of reduced probate administration.
Company Profile. Mark W. Bidwell, A Law Corporation markets through websites, primarily CaliforniaSmallEstate.com and BidwellLaw.com. The owner of the websites is Mark W. Bidwell, Attorney at Law and CPA Inactive. Office is located at 18831 Von Karman Avenue, Suite 270, Irvine, California 92612. Phone number is 949-474-0961. Email is Mark(at)BidwellLaw(dot)com
California Counties Covered. Alameda, Alpine, Amador, Butte, Calaveras, Colusa, Contra Costa, Del Norte, El Dorado, Fresno, Glenn, Humboldt, Imperial, Inyo, Kern, Kings, Lake, Lassen, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Modoc, Mono, Monterey, Napa, Nevada, Orange, Placer, Plumas, Riverside, Sacramento, San Benito, San Bernardino, San Diego, San Francisco, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Shasta, Sierra, Siskiyou, Solano, Sonoma, Stanislaus, Sutter, Tehama, Trinity, Tulare, Tuolumne, Ventura, Yolo, Yuba