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What is Probate & Trust Real Estate? Probate is the legal process of transferring a property previously owned by a deceased person who has a will or has died intestate (no will or trust), resolving all claims, and distributing the deceased person’s estate, including real property.
If you are a Probate Attorney, Professional Fiduciary, Executor, Trustee, Successor Trustee, or a Professional Representative of an Estate, located in San Diego County, you will want to work with a knowledgeable, experienced and detail-oriented professional like Fiona Theseira, who can assist you and provide a smooth transition during the probate real estate process.
Here’s what they had to say…
Fiona was a life-saver! As an out of state seller for a probate property, I relied on her heavily for managing repairs, cleaning, etc and she was awesome: on time, quick progress reports, fair repairmen, quick to answer questions and did it all with a fair compensation. She was a delight to work with and I would HIGHLY recommend her! Thank you Fiona!
Lori T
When someone dies, they choose someone to manage their belongings and money. This person is called the Executor and is named in the will. If the Executor says yes, they will be in charge of everything while the Probate process is going on. If the named Executor doesn't want to do it or if there's no will or named Executor, the courts will choose someone else to do it. This person can be a relative, someone recommended by a relative, or a court-appointed person called a Public Administrator.
A property valuation is provided by the Probate Referee.
Fiona Theseira markets the property on the MLS and is responsible for the property advertising campaign once the property is ready for sale. This may include open houses, signage, print advertising, networking, digital online marketing, and solicitation of other REALTORS®. Fiona Theseira is an award-winning marketing consultant and REALTOR® who will create a marketing strategy for advertising the property.
Should the need for trash out, clean up, repairs, etc., to be completed before the property is ready to be marketed Fiona can help refer contractors to complete the preparation.
To buy a property after someone has died, the offers must be at least 90% of the Probate Referee's appraisal price. Fiona and Colin Theseira can help you make the best offer and negotiate. If the person in charge of selling the property can make independent decisions, they will tell the heirs about the sale and they have 15 days to say if they disagree. If there are no disagreements, the sale can go ahead without needing to go to court. But if there is a disagreement or the person in charge cannot make independent decisions, there are more steps that need to be taken. A notice of the sale will be put in a local newspaper, unless the court says otherwise.
Your attorney applies for a court date for a confirmation hearing with an accepted offer. This process usually lasts between 30 to 45 days from the application date. Petition copy and all sale details are mailed to all parties involved.
During a court confirmation hearing for property, potential buyers can offer more money than the current accepted offer. The amount of the new offer must be at least 10% higher than the first $10,000 of the accepted offer, and then an additional 5% of the remaining balance is added. To be eligible to overbid, the buyer must have a cashier's check that is worth at least 10% of the minimum overbid amount. At the hearing, the check is handed to the Executor, a contract is signed, and the process of escrow is initiated, which usually lasts between 30 and 45 days.
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Experience is our Strength
Probate is the formal and legal process of transferring property, (in California), worth more than $166,250, previously owned by a deceased person, resolving all claims, and distributing the deceased person’s estate. https://www.courts.ca.gov/8865.htm
Navigating the Complexities of Asset Distribution Without a Will or Trust
Understanding the implications of passing away without a will is crucial. We value our families and assets, and it’s essential to know how the State of California may handle your estate if you don’t specify your wishes.
If you don’t have a will, also referred to as dying “intestate,” California’s laws step in to determine the distribution of your assets. Here’s how the process unfolds:
1) Spouse and Children Left Behind: When both a spouse and children survive the deceased, the assets are divided so that the spouse receives a portion (either one-half or one-third) of the individual’s separate assets. Meanwhile, the children are entitled to the remaining portion, either one-half or two-thirds, based on the deceased spouse’s separate assets.
2) A Spouse but No Immediate Family: In a situation where the deceased leaves behind a spouse but no children, parents, or siblings, the spouse will inherit the entirety of the probate estate.
3) Surviving Spouse and Parents: When both a spouse and parents are left behind, but no descendants, the assets are evenly split. The spouse and the parents each receive half of the separate property.
4) Spouse and Siblings, Without Parents or Children: If a spouse and siblings survive the deceased, and there are no parents or descendants, both the spouse and the siblings inherit equal halves of the separate assets.
5). Only Descendants Left Behind: When there’s no surviving spouse but descendants remain, they will be the sole inheritors of the probate estate.
6). No Immediate Family Members: In the rare case where no spouse, children, siblings, or parents are left behind, the estate first moves to nieces and nephews. If they aren’t present, it shifts to more distant relatives like grandparents, aunts, uncles, cousins, and even the relatives of a predeceased spouse.
Our homes and assets represent our hard work, dreams, and memories. Secure your legacy by staying informed. If you’ve been putting off creating a will or better yet, a trust, it’s never too late to ensure your loved ones receive what you wish for them.
Whether it is a probate with full or limited authority, or any other type of sale, effective property marketing requires many strategies and an aggressive campaign. Our strategic marketing plan is created to showcase your property to buyers from all over the world and sell the property for the maximum value possible. When you make a list with our team, you will get local and international MLS exposure, multi-platform advertising, a custom property website, YouTube videos, and so much more.
Once your property goes into escrow, we work to ensure that the process is seamless and free of any complications and encumbrances. We place buyers through an extensive and thorough background review process to ensure our expected close date and property goals are met timely and efficiently. We do a verification of loan approvals, review buyer financial status, and remove buyer contingencies.
To provide a chance for over-bidders, an additional court date will be necessary for the Administrator or Executor who is granted limited authority. During this period, we work diligently on property marketing and its overbid requirements to generate higher offers.
Both for Executors and Administrators, the probate and trust real estate process and management can be overwhelming. Let our professional team assist you in listing your probate property, as we can offer you end-to-end services and guidance. If you have any questions, feel free to contact our team today. To email use the form or call/text 858-863-6211.
Want to learn more about real estate in San Diego? Check out these articles and videos.
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