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Dan The Real Estate Man (C - 21 Real Estate Store) Real Estate Agent

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Dan The Real Estate Man
location_on Buena Park, CA — C - 21 Real Estate Store
Century 21 Real Estate
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 The person who is administering the property, may be an executor, administrator, guardian, conservator or trustee.

Each are appointed by the court. Probate takes place when a person dies. It is not always necessary to go through probate. The property can be transferred by joint tenancy or as community property.

The personal handling the probate estate settles the claims of creditors, inventorying the estate during probate, and then distributes the estate to the appropriate heirs or beneficiaries.

The Executor is the person named in the decedent's Will to administer the estate and may not need court approval to accept or reject the sale of the decedents property.

The administrator is appointed by the court to administer the estate when the decedent did not leave a Will, or (dying Intestate)

The administrator with the Will annexed is the person of fiduciary appointed by the court to administr=er the estate when the decedent left a Will but did not name an executor, or an executor was named but does not act and no alternate executor was named.

Interested Persons are persons who are named in the Will as beneficiaries or who may inherit the property through the court process because the decedent  did not leave a Will, or because the Will did not transfer all of the property of the decednet. Interested persons can also be creditors of the decedent.

Guardianship is appointed by the court to take care of the person and / or the estate of child under ath age of 18.  There can be more than one guardian, one for the person and one for the property, or one person can do both jobs.

A Conservatorship is appointed by the court to take care of the person and / or estate of an individual, over the age of 18, who is incapable of managing either his or her own personal needs for food, clothing and medical care.. or his or her own financial affairs. Can also be two separate persons, or it can be an institution.

Limited Conservator can be established for a developmentally disabled adult. This Limited Conservatorship is established to protect the well - being of the disabled person, allowing the disabled person to be as independent and self reliant as possible.

The Trustee manages the property of a trust.. a testamentary trust or living turst (also known as an  intervivos trust). A testamentary trust is established in a WIll and takes effect after the individual's death. The Trustee is appointed by the Court.

The cost of probate is set by state law. When all the costs are added up - these may include appraisal costs, executor's fees, court filing fees and certified copies, costs for a type of insurance policy known as a "surety bond," plus legal and accounting fees--probate can cost from 4% to 7% of the total estate value, sometimes more. If someone contests the Will, there could be thousands of dollars of litigation costs.

How long does probate take?California law says the personal representative must complete probate within one year from the date of appointment, unless s/he files a federal estate tax. In this case, the personal representative can have 18 months to complete probate. If probate has not been completed by that time, the personal representative must file a status report to the court to explain what still has to be done and how much time that will take. If the personal representative does not report to the court, the beneficiaries can ask the court to order him or her to file an accounting or take other actions to close probate. The court can remove the personal representative and appoint someone else.Sometimes there are circumstances that can make probate take longer. If there is a Will contest (a claim filed with the court that all or part of the will is not valid), or the size and complexity of the estate requires extra time, or it is hard to find beneficiaries, the process can drag out. Some probate cases take years to resolve.

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The In's and Out's of PROBATE SALE.. Is Probate Necessary? Does all property go through probate? How much does Probate cost? How long does probaqte take?