How can an executor start probate to sell an estate home in California?

Are you an executor for a deceased person who owned a home in California? You may need to go through probate to distribute the property to the beneficiaries. You will need to navigate the complicated probate process. Following these steps can help you get started:

Step 1 Determine if probate is necessary.

The first step is to determine if probate is necessary.

 California requires probate if the deceased person owned real estate exceeds certain value. This value if total is more than $166,250. Probate is not required, If the property is jointly owned with a right of survivorship. Understand the basic probate timeline to avoid costly mistakes and reduce stress.

Step 2 File a petition for probate

After you determine, you must do probate. The next step is to file a petition for probate. You do this with the probate court in the county where the deceased person lived. Include information about the deceased person, the property, and the beneficiaries.

Step 3 Get letters testamentary.

Once the court approves the petition for probate. The court then appoints the executor and issues letters testamentary. These letters give the executor the authority to act on behalf of the estate. The court may issue full or limited authority to you. The executor now has the authority to sell the property. With limited authority, you must get court approval before the sale.

Step 4 Appraise the property.

In California, the court sends out a probate referee who will determine the value. The probate referee gives a value which the court will use. The executor must get a thorough appraisal of the property to determine a more accurate value. You, the executor, should point out any difference in value from the probate referee. The appraisal will help set the least selling price for the property.

Step 5 Notify interested parties.

The executor must notify all interested parties. Include heirs, beneficiaries, and creditors. Notify them of your intent to sell the property. You must give this notice at least 15 days before the sale.

Step 6 Hire a real estate agent.

The executor can hire a real estate agent to help sell the property. The agent will develop a marketing plan to attract potential buyers. This agency can handle all aspects of the sale. Even if you are already working with a probate attorney. It’s important to hire an agent with probate experience. Selling a home during the probate process can be more difficult than a traditional home sale. Hire an agent who knows about the legal aspects of probate.

Probate sales often require specialized knowledge. You must ensure you meet deadlines and follow the law. If the circumstances are right, having your team go for full authority will be a great option. When the court appoints you with limited authority, the sale requires more. This could mean the home sale requires court confirmation. Even lead to the overbidding process.

Step 7 Receive and review offers.

The real estate agent will receive, and present all offers to you, the executor. You, as an executor, will review and accept or reject them.

Step 8 Get court confirmation.

If you do not have full authority as an executor. The court will supervise the sale to protect the estate’s best interests. The executor must get court confirmation before the sale. This involves filing a petition with the court and attending a court hearing. The court wants to see the offer is at least 90 percent or more of the appraised value. Also, other interested bidders may attend the hearing to make a higher offer. This can turn into a court auction. Other bidders may make an offer. The highest bidder in the end gets to buy the property.

Step 9 Close the sale.

You can proceed once you handle all legal requirements. The executor can close the sale of the property. Then distribute the remaining funds to the beneficiaries.

Starting probate for an estate with a home in California involves several steps. You must take these steps in the correct order. We are sure all executors want to complete the probate process with a happy ending. We recommend you seek the advice of an attorney who specializes in probate law. This will ensure that you meet all legal requirements.