Irvine, California (PRWEB) May 15, 2014
For four years Mark W. Bidwell, through website DeedAndRecord.com has provided online internet service to prepare and record real property deeds to fund trusts, add or remove co-owners and close trusts. Service has been expanded to transfer ownership of real property owned by a parent or relative whom has died. Real property must be less than $150,000 in value.
Here’s how it works: a parent or relative has died owning real estate valued at less than $150,000. The problem is how heirs or children can obtain ownership of the real property in a straightforward and economical manner? The answer is either by Affidavit or by Succession.
California law has a shortcut, or expedited probate procedure for real property less than $50,000 in value known as an “Affidavit Real Property of Small Value.” This procedure requires submission of official documents with the clerk of the court in the county where the real property is located. No court hearing is required. The clerk then issues an order to transfer the property.
Upon the death of a parent or relative with real property worth greater than $50,000 but less than $150,000 the real property is transferred with a “Petition to Determine Succession to Real Property.” This petition is also filed at the county courthouse where the real property is located and requires one court hearing. Bidwell’s service includes legal representation at the hearing so that the heirs do not have to attend. At the hearing, the Court issues an order transferring the title of the real property. The order is recorded with the county recorder. The real estate then belongs to the heirs.
In both procedures value is determined by an independent third party known as a probate referee. Heirs are determined by either a Will or by the laws of intestacy. Intestacy is how property is transferred on death if there is no Will. As a general rule, the property of a person who has no Will passes first to the surviving spouse, if no surviving spouse, to children, if no surviving children to parents, if no surviving parents to siblings and so on.
Both services of transfer by Affidavit and Succession are for all of California. For more information, please go to DeedAndRecord.com.
Real estate valued at greater than $150,000 requires formal probate administration.
Probate is the administration under court supervision of a decedent’s estate as directed in his or her Will or by the laws of intestacy. Formal probate requires at a minimum two court hearings, three court orders and one year to complete. Attorney fees and costs are fixed under California law and depend on the size of the estate.
Real property held in joint tenancy or a revocable trust is not included in the value of a probate estate. Affidavit and succession are good tools to pick up the lots, timeshares, vacation homes, and houses in rural areas that were omitted or overlooked in the decedent’s estate planning.
Mark W. Bidwell is an attorney licensed by the State of California. Office is located at 18831 Von Karman Avenue, Suite 270, Irvine, California 92612. Phone is 949-474-0961. Email is Mark(at)DeedAndRecord(dot)com. For more information, go to http://www.DeedAndRecord.com.