Post death transfer of timeshares in California for Executors of Wills.
Huntington Beach, California (PRWEB) January 29, 2015
California law has a shortcut, or expedited probate procedure for timeshares known as “Affidavit Real Property of Small Value.” Website, DeedAndRecord.com, launches new service for an executor of a Will to transfer timeshares in California in a timely and cost effective procedure.
Service provided avoids probate court. Affidavit Real Property of Small Value is for real property in California appraised at less than $50,000. Timeshares in California rarely exceed $50,000.
Service is for Wills, trusts and intestate. Intestate is when there is no Will or trust. Assets in intestacy are distributed in order determined by California law. Heirs with priority under California intestacy law are the surviving spouse and if no surviving spouse, decedent’s children.
Often timeshares are omitted from revocable living trusts. Affidavit is a useful tool for a trustee to transfer unfunded timeshares to beneficiaries of the trust using a “pour-over Will.”
Expedited probate is a two step procedure, authorization from the Clerk of the Court for authority to transfer and recording the affidavit and deed 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.”
State appointed probate referees appraise the timeshare. Probate referee completes and signs the Inventory and Appraisal. 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.
Additional requirements are the lapse of six months from decedent’s death. Gross value of real property in California cannot exceed $50,000. Additionally there can no other proceedings in California probate court.
This press release is provided by Mark W. Bidwell. Mr. Bidwell markets timeshare ownership change and title transfer services through websites, primarily http://www.DeedAndRecord.com. Deed and Record provides change in timeshare ownership in California, Hawaii and Florida. Office is at 4952 Warner Avenue, Suite 235, Huntington Beach, California 92649. Phone is 714-846-2888.