WHAT IS PROBATE?
When a person passes and doesn’t have a trust, the assets go through a procedure known as (Probate), So How To Probate an estate in Los Angeles California? Probates are supervised and controlled by the courts, in order for all creditors of the estate to have time to submit their claims for money owed to them by the deceased, and also for all the assets after debts, costs, taxes, etc., to be distributed to the rightful heirs according to the conditions of the will.
The person charged with taking care of all the necessary probate procedures is called the Executor when there is a Will or an Administrator when there is No Will.
Can I Sell My House?
Yes… You Can Sell My house Los Angeles California! Let US Help You. Ask Us How…
THE IAEA
The “Independent Administration of Estates Act (IAEA) allows the executor of the estate to sell the property without the court supervising and approving the sale. The executor can file with the court a request for authorization to administer the estate under the IAEA. Once this is filed and granted, the Executor receives a document called the letters of testamentary. These letters authorize the title company to allow the executor, who is not on title, to sign the grant deed to us when we are ready to close. Los Angeles Fair Offer Buy’s houses anywhere in California. We would like to help you through the Process and make you a Fair Offer for your Los Angeles house. We Buy Houses in Any Condition, As-Is, No Repairs, No Clean-up, No Commissions, We Pay the Closing Cost and can even take care of Attorney Fees . Let us simplify the process of selling my house.
Helpful tips if you will be selling a house during probate in Los Angeles:
- If the property is Vacant make sure the homeowners insurance covers “Vacant property”. Typical homeowners insurance policies won’t cover fire, vandalism, liability or other types of claims on an unoccupied or vacant property.
- Proposition 58 – Transfer between Parent and Child –
- Proposition 58 allows the child to retain the old property tax basis! This is of importance because it represents thousands of dollars in savings in property taxes
- Proposition 193 – Transfer between Grandparent and Grandchild
- A home that is transferred from grandparent to their grandchild may be excluded from reassessment by completing a “Claim for Reassessment Exclusion for Transfer between Grandparent to Grandchild” form.
- Probate can be a costly process and a burden to some however please know that Lawyers fees are typically paid through the sale of the property, and if you sell to us we can help with any upfront costs including attorney fees.
- You do not have to wait until Probate is complete (which typically takes up to a year) to authorize the sale of a property. Once you have letters of administration (which title requires) the property can be transferred and Sold!
- Don’t forget to complete a “Change In Ownership Statement Death Of Real Property Owner” form with your Assessors Office. Failure to file this statement will result in the assessment of a penalty.
Click here to view the PROBATE TIMELINE of what and when things will happen in the usual probate process.
How To Probate an estate in Los Angeles California? If you would like more information on Wills, Estates & Probates please visit, the California Courts website. If you would like to speak to someone directly about your situation feel free to give us a call at 213-318-4339. You can also get started now by filling out our short form below and one of our Probate Specialist will be in contact with you shortly: