Real property owned by the deceased is transferred under three tiers of market value; less than $50,000, greater than $50,000 but less than $150,000 and greater than $150,000.
Irvine, CA (PRWEB) July 30, 2014
The four-tiered option offered by Mark W. Bidwell is guided by California law. The first tier is for the post death transfer of real property owned by a trust. Real property owned not by a trust but by the deceased is transferred under three tiers of market value; less than $50,000, greater than $50,000 but less than $150,000 and greater than $150,000.
Upon the death of a parent or relative who has a trust, the successor trustee transfers real property to the beneficiaries of the trust without any court supervision or involvement. Transfer is by two documents; affidavit of death of trustee and deed from trust to beneficiaries. Both documents are submitted to the county recorder.
Real property less than $50,000 in value and not in a trust is transferred by order of the Clerk of the Court of California. Real property greater than $50,000 and less than $150,000 not in a trust is transferred by order of a Judge of the Superior Court of California. Real property not in a trust and over $150,000 in market value must be transferred by Probate Court administration.
California law has a shortcut, or expedited probate procedure for real property less than $50,000 in value known as “Affidavit Real Property of Small Value.” This procedure is primarily available for timeshare estates and undeveloped land away from the coast.
When a parent or relative with an estate of less than $150,000 dies, the heirs can obtain ownership of the real property with one court order of "Succession to Real Property." Succession avoids lengthy and costly large estate probate administration and saves heirs time, money, and stress.
Real estate valued 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.
Who inherits the decedent’s real estate depends on if the deceased had a trust, a Will or no trust or Will. Real property of a decedent with a trust or Will is transferred to the heirs as directed in the document. The real property of a decedent with no Will or Trust is transferred by the intestacy laws of California.
Intestacy establishes the priority of who has the right to inherit. As a general rule with exceptions, first priority is to the surviving spouse. If no surviving spouse, the decedent’s children inherit. If no surviving children or grandchildren, the decedent’s parents inherit and so on, until the closet surviving relative is determined.
Mark W. Bidwell is a licensed attorney in California who markets through websites of http://www.deedandrecord.com and Bidwelllaw.com. Office is located at 18831 Von Karman, Suite 270, Irvine, California 92612. Phone is 949-474-0961.