Wednesday, May 23, 2012
The Probate Process in California - What to Expect!
Probate Process in California?
The probate process in California begins with a legal request or petition that opens the estate and names a PR or personal representative who takes care of the deceased's property. An official Notice for Creditors is published in newspaper and a notice of same is sent to all the involved parties. Creditors are then given a set amount of time to file their claims depending upon the estimated time published in the notice. The PR then clears all the debts and dues remained in the name of deceased person and distribute the remaining estate to his close relative. Finally, the petition for discharge is filed and the estate is closed.
This is the normal process of probate in California. The process involves many smaller steps which had to taken care of during the whole legal process. In many cases when the property balance is more than speculated or has some tax liability to it then a tax consultant or a CPA is to be hired who estimates the overall pricing of the estate.
Below we show you how the legal procedure of Probate in California runs:
Probate - First Phase
- Original Will and Codicils are filed
- Legal Notice of Petition is published to the Administer Estate
- Notice of Petition is filed and published in the local newspaper
- Proof of Will and Codicils are filed for further enquiry
- A letter is issued to all interested parties.
Probate - Second Phase
- Application for Employer Identification Number
- Income tax return and other legal taxes are filed
- Opening estate bank account and arrange for tax returns
- A mail with legal notice is sent to debtors and claims are cleared
- Approval or refusal of claims are made
- Property is listed for sale
- A petition is filed for Confirmation of Property Sale
- Court hearings are made and any final federal taxes are cleared
Probate Third Phase
- Final petition is filed for distribution
- A notice is sent to heirs and beneficiaries
- Proof of mail is filed with court
- Final order of petition is filed
- Transfer of assets and properties is cleared
If in case there are any living spouse or relatives of the deceased the property is distributed in a legal way among them without giving benefit to a single person. The California state law has the rules according to which the reaming estate is distributed. The court has the final verdict on the sale or distribution of property. If a bid is overbid by any person during the hearing then the property is transferred to the highest bidder.
This is a simple explanation of probate process in California.
Article Source: http://EzineArticles.com/1229505
Posted by Rene at 2:24 PM