Huntington Beach, CA (PRWEB) October 28, 2016
California law has a shortcut, or expedited probate procedure for real property valued at less than $50,000 known as an “Affidavit re Real Property of Small Value.” Website, DeedAndRecord.com, provides tip sheet on how a Will’s executor can use the Affidavit to avoid probate to save time and money.
The Affidavit is a two-step procedure. First, prepare and file the affidavit with the Clerk of the Court in the county where the real property is located. Second, record the affidavit with the County Recorder in the same county.
Court authority to transfer the real property 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 appraisal must be made by a state appointed probate referee. Probate referee’s value is placed on the Inventory and Appraisal form. The Inventory and Appraisal is attached to the Affidavit.
The complete package is filed with the Clerk of the Court. The Court Clerk returns a signed certified copy of the Affidavit. The Affidavit is then filed with the County Recorder.
The Affidavit can be used when there is no Will. Heirs to real property are determined by the intestacy laws of California. As a general rule the order of inheritance under intestacy law is first to spouse, if no surviving spouse, then to children, if no surviving children, to grandchildren and so on. This general rule is modified for community property, separate property and surviving children of a deceased child.
Often real property of small value has not been transferred into a revocable living trust.
The Affidavit is a useful tool for the successor trustee who can use the “pour-over” provisions of the Will to transfer the real property into the trust after death. As long as real property in California outside of the trust does not exceed $50,000 it does not matter how much real property is owned by the trust. The trust can own millions of dollars in California real property and the Affidavit can still be used.
But before the Affidavit can be used six months must have lapsed from decedent’s death and there can no other proceeding in California probate court. If a probate action has already been started the Affidavit cannot be used.
California law has a shortcut, or expedited probate procedure for real property in California valued at less than $50,000 known as an “Affidavit re Real Property of Small Value.” The Affidavit can be used by an executor of a Will, a successor trustee to a trust and in intestacy when there is no Will or trust.
This press release is provided by Mark W. Bidwell. Mr. Bidwell markets his services for real property ownership change on death through websites, primarily http://www.DeedAndRecord.com. Office is at 4952 Warner Avenue, Suite 235, Huntington Beach, California 92649. Phone is 714-846-2888.