Transfer by Affidavit is available for real property in California with a market value less than $50,000.
Huntington Beach, CA (PRWEB) January 29, 2016
This Tip Sheet by Mark W. Bidwell, a licensed California attorney explains how executors of Wills, Successor Trustees and heirs can use the “Affidavit Real Property of Small Value” (the “Affidavit”). The Affidavit is a powerful and inexpensive tool to avoid probate and save time for timeshares and real property in California valued at less than $50,000.
Transfer of real property from decedent to heirs is a two step procedure. First step is to obtain authority from the Court. The second step is to record the ownership change 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, trust, last vesting deed, and an “Inventory and Appraisal.”
A state appointed probate referee completes and signs the Inventory and Appraisal. If the probate referee determines the market value is less than $50,000 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.
For the second state a deed is prepared transferring ownership of the real property from the decedent to his or her heirs. The Affidavit and Deed are filed with the County Recorder where the real property is located.
Additional requirements for use of transfer by affidavit are the lapse of six months from decedent’s death and the gross value of real property in California cannot exceed $50,000. Also there can no other proceeding in California probate court.
Mark W. Bidwell, a licensed California attorney explains how executors of Wills, Successor Trustees and heirs of a decedent can use “Affidavit Real Property of Small Value” to avoid formal probate, save time and save money. Transfer by Affidavit is available for timeshares and real property in California with a market value less than $50,000.
This press release is provided by Mark W. Bidwell. Mr. Bidwell markets timeshare ownership change and title transfer services through websites and press releases. Office is at 4952 Warner Avenue, Suite 235, Huntington Beach, California 92649. Phone is 714-846-2888.