Probate & Trust Real Estate Specialists
At The Oriana Shea Group we specialize in liquidating the real estate portion of an estate quickly and efficiently. We understand how many responsibilities come with your appointment as a personal representative; such as paying creditors, utility bills, lawyer fees, and maintaining the real property. Often when going through probate, in addition to emotions, you’re managing tasks that are urgent and potentially overwhelming — including the sale of the real property and disposition of its contents.
Our goal is to execute a smooth transaction before assets are eaten up by the cost involved in maintaining the property. We’re here to help YOU sell what is often considered the biggest asset in the estate – The Real Estate – so heirs are able to profit from this costly experience.
Our mission is to provide comprehensive service to all parties in the probate process in order to eliminate the emotional stress and loss of value to the estate.
WHAT WE COORDINATE SO YOU DON’T HAVE TO!
Serving Los Angeles, Riverside and Orange Counties
FREE Property Management– Many estates suffer from deferred maintenance. At NO upfront cost. We can take care of everything from A to Z!
Estate Liquidation of Personal Property– We will arrange for the sale, disposal or donation of personal property.
BPO– We will provide a detailed Broker Price Opinion. This is a valuable tool for negotiating with the probate referee. Our package will include a narrative summary, photos of the subject property, comparables, maps and letters of recommendation.
Secure The Property– We will secure the property with combination locks, re-key the doors and secure the premises.
Utilities– We will have utilities turned on and will handle the billing, if the seller so desires.
Cleaning and Repairs– The supervision and organization of cleaning crews, haulers, painters, contractors, carpet installers, estate liquidation, etc.
Bids– We will do initial walk-through with detailed repair lists and collect bids from approved contractors on all repairs.
Supervisions– We will oversee and insure that all work is complete.
Inspections– We will walk through and inspect the property once a week every week.
Cleaning– Coordinate cleaning out and cleaning up the property.
Marketing Plan– Customized with extensive exposure on internet websites, virtual tours and online video commercials for the property.
Negotiate– We will professionally negotiate all offers, to deliver the best terms and highest possible price.
Court Appearances– Will make court appearances with attorneys. If court approval of sale is required, the marketing and showing of the property will continue until the court date– to increase chances of an overbid.
Escrows– Transaction coordinator on staff to ensure a successful closing.
The Probate Timeline
|Prepare and File Petition for Probate||1-2 months|
|Court hearing on the Petition for Probate. Petitioner must notify all involved parties.||2-3 months|
|The personal representative must notify the Franchise Tax Board of decedents death within 90 days of the letters of administration or testamentary being issued.||2-3 months|
|The following are issued: Letters of Administration, Orders for Probate, Duties and Liabilities, Issue Bond (if ordered), & **Letters Testamentary **||2-4 months
(if not contested)
|If there are non-monetary assets in the estate such as real estate, artwork, etc. the court will appoint a Probate Referee.||2-4 months|
|Notice to Creditors||2-4 months|
|Notice to Department of California Department of Health Services||4-8 months|
|Pay State and Federal Taxes (if necessary)||6-12 months|
|Court to determine who receives property of the estate||6-12 months|
|A report of sale and petition for order confirming sale of real property is filed with the court.||6-15 month|
|Personal representative to submit final estate tax return in the event the estate earned money.||6-15 month|
|Claim of Exemption (if assets transfer to a minor)||6-15 months|
|Receive Final Tax Letter from State and Federal (if appropriate)||6-18 months|
|File Petition for Final Distribution and Accounting||8-16 months|
|Hearing on Petition for final Distribution and Accounting||9-20 months|
|Order Approving Final Distribution and Accounting||9-20 months|
|Distribution of Assets to Heirs||9-20 months|
|Final Discharge Order (indicates close of probate case)||9-20 months|
|Final Distribution of Funds||9-20 months|
The purpose of this timeline is to provide general information on the law, which is subject to change. It is not intended as a substitute for legal advice. If you have legal questions, you should consult an attorney.
Probate and Trust Real Estate Glossary
Here are brief definitions of terms you may encounter if you are dealing with probate or trust real estate or inheritance property.
Administrator: A person (sometimes a family member) appointed by the court to administer the estate of a person who died without a will (i.e., a Personal Representative)
Administrator with Will Annexed: A person appointed by the court to administer the estate of a person who died with a will, but this person was not named in the will to act as a personal representative. Also known as Administrator C.T.A.(Cum Testamento Annexo).
Beneficiary: An individual or organization to whom a gift of property is made.
Blocked Accounts: Cash or securities that are placed in a bank, trust company, insured savings & loan or insured brokerage account. Subject to withdrawal only upon court order or statute.
Codicil: An amendment or supplement to an existing will.
Conservatee: A person determined by the court to be unable to protect and manage their own personal care or financial affairs, or both. And, for whom the court has appointed a conservator.
Conservator: A person or organization appointed by the court to protect and manage the personal care or financial affairs, or both, of a conservatee. (See LPS Conservatorship)
Decent: A person who has died.
Estate: A person’s total possessions (assets), including money, jewelry, securities, land, etc. These assets are managed by a fiduciary subject to a court order. E.g. guardianship estate, conservatorship estate, or decedent’s estate.
Executor: The person named in a will to carry out the directions as set forth in the will. This person is the personal representative of the decedent’s estate.
Fiduciary: A person or organization that manages property for a person, with a legal responsibility involving a high standard of care. E.g., conservators, guardians, personal representatives, agents, or trustees.
Guardian: A person appointed by the court to protect and manage the personal care or financial affairs, or both, of a minor (ward).
Heir: A person who would naturally inherit property through a will or from another who died without leaving a will.
Holographic Will: Generally, a will that is completed handwritten, dated and signed by the person making the will.
Inter Vivos Trust: A trust set up during the lifetime of a person to distribute money or property to another person or organization (as distinguished from a person who transfers money or property after death).
Intestate: Without a will. Opposite of testate.
Irrevocable Trust: Trust wherein the grantor has expressly released the power of revocation.
Letters: The court document that establishes the authority to act as a guardian, conservator, or personal representative (executor or administrator). In decedent’s estates, an executor’s letters are designated “letters testamentary,” and an administrator’s letters are “letters of administration.”
Limited Conservatorship: A type of conservatorship for developmentally disabled adults.
LPS Conservatorship: A specific type of conservatorship, under the Lanternman-Petris-Short Act, which allows for involuntary detention and treatment of a person (the conservatee). This conservatorship is a result of mental disorder and the conservatee appears to be a danger to himself/herself or others, or is gravely disabled. The Public Guardian must file this matter. (See Conservator and Conservatee)
Minor: As used in the context of a guardianship, a person under the age of 18 who is placed in the care of a court appointed guardian.
Personal Property: Anything owned by a person that can be moved such as money, securities, jewelry, etc. (See Property)
Personal Representative: An administrator or executor appointed by the court to administer a decedent’s estate.
Petition: A written, formal request, properly filed with the Court, for a specific action or order. The petition is a pre-printed Court form in some cases, or written in proper format on pleading paper in others. E.g., petition for Probate, petition for conservatorship, etc.
Probate: The legal process of administering a will. Also, the judicially supervised process for marshaling a decedent’s assets, paying proper debts, and distributing the remaining assets to the persons or entities entitled to them.
Probate Court: The court that handles matters concerning wills and estates, such as the distribution of property or money to those named in a will. In California, the Probate Court also handles guardianships and conservatorships.
Property: Anything that can be owned such as money, securities, land, buildings, etc. (See Personal Property and Real Property)
Real Property: Land and immovable objects on the land such as buildings. (See Property)
Revocable Trust: A trust in which the person making the trust retains the power to revoke the trust.
Small Estates: A decedent’s estate may avoid probate and have personal property transferred directly to an heir if the decedent’s estate meets the requirements of California Probate Code § 13100 et. seq.
Successor Fiduciary: The next person or organization appointed if a vacancy arises in a conservatorship, guardianship, or decedent’s estate because of the fiduciary’s death, removal, or resignation.
Testate: Having made a valid will. Opposite of intestate.
Testator: A person who makes a will.
Testamentary Trust: A trust created by a will.
Trust: The handing over of property to a person to be held for the benefit of another (i.e., held in trust).
Trustee: A person or organization who has been authorized by a trust to hold and manage property for the benefit of a beneficiary. (See Fiduciary)
Ward: See Minor.
Will: A document that directs the disposition of a person’s property after death. Such a document should be made according to law (see California Probate Code § 6100 et. seq.) and is filed in a probate court after the person has died.