What’s in a California Living Trust?
Most California homeowners at least have heard about a living trust. It’s a big binder full of documents, right? Not everyone, however, understands what’s inside that binder and what each of these documents do.
Many California homeowners do not realize that a living trust contains a list of important legal documents, in addition to a revocable trust itself.
Keep reading because in this post we are going to unpack the binder and shine some light on what a complete trust package looks like.read more
Estate Taxes, Capital Gain Taxes, and Property Taxes in Probate: How Much Will You Have to Pay?
If you are selling a California home in probate, you may be concerned about various taxes. There are three major tax categories that need to be addressed:
- Estate Taxes
- Capital Gain Taxes
- Property Taxes
Luckily, for most California residents, not all of the above taxes are going to apply. Keep reading to learn which types of taxes you must pay, and how much the process is going to cost you.read more
Full Authority VS Limited Authority in Probate: What Real Estate Agents Need to Know
While the probate process may continue for months, a property can be listed and sold in as little as 3 months, including the buyer taking possession of the property and the real estate agent collecting their commissions. This is something that many real estate professionals and heirs alike don’t always know.
Ultimately, the deciding factor on how soon one can list a probate property is the authority type. Keep reading to learn everything real estate agents need to know about full authority VS limited authority in California probate.read more
Probate and Creditors: Will Your Estate Have to Pay Them?
Very few people are completely debt-free. When a person passes away in California and they have no trust, the case goes to probate. Part of the probate process is dedicated to notifying and paying off the creditors. But do you have to pay all the creditors? Can some of the debts be wiped out? Is there a time limit on how long the creditors can keep knocking on your door, so to speak?
Continue reading to find out exactly how paying off debt works in probate and what can be done to minimize the estate’s liabilities!read more
How to Choose the Best Probate Real Estate Agent
In many California probate cases, the home is the biggest decedent’s asset. A significant number of cases involve mortgage encumbrance, and the estate does not have cash available to pay off the mortgage or any other debt that comes to light. For these reasons, many heirs decide that the best course of action is to sell the home, pay off mortgage loans, any other debts, and then divide the net proceeds among all the heirs.
While one cannot select a probate judge, a personal representative is free to choose the attorney who will represent the estate as well as the real estate agent who will list and market the property. To make sure that you get the best representation in complex probate matters, you want to choose a listing agent who either specializes or has proven experience with probate sales.read more