Probate is the legal process of administering a deceased person's estate, which includes paying debts and distributing assets to beneficiaries. In California, probate is required when a person dies with assets in their sole name that is not held in a trust or otherwise transferred outside of probate. The probate process is typically overseen by a court and is conducted by a personal representative (also known as an executor) who is appointed by the court. The personal representative is responsible for managing the estate, including collecting assets, paying debts, and distributing assets to the beneficiaries. The probate process can be time-consuming, and costly, and may take several months or even years to complete.
When it comes to selling real estate that's in probate, price is the most important aspect to ensure you don't sell too low.
Trusts in California are legal agreements that allow an individual, known as the grantor or settlor, to transfer assets to a trustee to hold and manage for the benefit of one or more beneficiaries. The trustee is responsible for administering the trust according to the terms outlined in the trust document and managing the assets in the best interests of the beneficiaries.
There are several different types of trusts in California. Check with your attorney or CPA to see if an appraisal for your trust is needed.