Post death transfers of real property valued at less than $50,000
Irvine, California (PRWEB) December 19, 2013
California law provides a shortcut, or expedited probate procedure for timeshares known as an “Affidavit Real Property of Small Value.” The Affidavit is for real property totaling less than $50,000 in fair market value as of date of death. How to use this shortcut to transfer California timeshare is provided in this Tip Sheet by Mark W. Bidwell at http://www.DeedandRecord.com.
The Affidavit procedure is the quickest and cheapest way to transfer ownership of a timeshare in California by will or intestacy. The Affidavit procedure is used for trust administration of timeshares in the name of the decedent.
Ownership transfer by Affidavit is simple compared to formal probate. Expedited probate is a two step procedure, authorization from the Superior Court of California for the transfer and recording ownership transfer with the County Recorder.
Court authorization to transfer the timeshare from the decedent to the heirs is requested on Judicial Council Form “Affidavit Re Real Property of Small Value.” No court hearing is needed. Attached to the Affidavit are a certificate of death, Will, if any, a deed, and an “Inventory and Appraisal.”
The “Inventory and Appraisal” timeshare appraised value is determined by a state appointed probate referee doing business in the county where the timeshare is located. The Executor locates the appraiser.
The Affidavit and Inventory and Appraisal are filed with the Clerk of the Court. The Court Clerk returns a signed certified copy of the Affidavit. The Affidavit and Deed are filed with the County Recorder where the timeshare is located. The deed transfers ownership of the timeshare from the decedent to the heirs.
The Affidavit is for real property totaling less than $50,000 in fair market value as of date of death. The vast majority of timeshares in California are less than $50,000 in fair market value. In totaling real property to determine the $50,000 limitation property held in joint tenancy with a surviving joint tenant, a living trust or with a surviving spouse are not included.
Additional requirements to take advantage of this probate short-cut are; six months have passed from date of death; there is no other probate action in California; and all debts of decedent have been paid.
This press release is provided by Mark W. Bidwell, California Attorney. Mr. Bidwell markets through websites such as http://www.DeedAndRecord.com. Office is located at 18831 Von Karman Avenue, Suite 270, Irvine, California 92612. Phone number is 949-474-0961. Email is Mark@DeedAndRecord.com.