What is a Probate bond?
- It is insurance that the person in charge will do what they are required to do under the law.
Statement of duties and liabilities
- It is a set of forms that tells the courts what you are going to do, you understand what you have to do, and if you screw up you know what your liabilities are.
Difference between a will and a revocable living trust
- The main difference is probate. A will has to go through the probate process which could take a year while a trust does not. Another difference is that a will handles your assists only after death and a trust handles assists before and after death.
Is a probate necessary?
- Generally, if you own a house and its worth over $150,000 then yes. A good rule to follow is the $150,000 mark when it comes to a house, bank account, etc.
Inventory and appraisal
- It is gathering the assists of the decedent and getting them appraised. It must be done within 4 months of the issuance of the letters by the judge.
Can I sell the house?
- Yes. It will involve a notice of proposed action, which is basically telling the world you are selling the house. Then there has to be an official notice given to the heirs.
Okay, so what do I need to get started?
- The original will if there is one, a certified copy of the death certificate, and financial records.
Basic functions of personal representative
- Gather all the deceased's assists, pay all legally obligated debits and taxes, protect the assists, and make sure assists are distributed properly.
Paying decedents creditors
- A form must be filed called a notice of the administration of the estate. This basically says this person died and probably owes you money so file a claim so we can pay you.
Clarification of heirs, devisees, and beneficiary.
- In common sense, it is the person that is going to get your property. However, there are little technicalities in the law. Heirs means that there was no will. Devisee means that there is a will. Lastly, beneficiary is used when there is a will substitute document, such as a living trust.
- It is a certified letter that the judge gives you that gives you authority to take care of business of the estate.
- It is making it known to the public that there is a probate going on at a certain court house and who the personal representative is.
Getting the ball rolling
- First thing, your attorney will file a petition in the court to give somebody full authority to carry out the acts of the estates.
How long is this process going to last?
- It takes about a year.
Call (909) 798-1500
205 E State Street
Redlands, CA 92373