Common Misconceptions About San Diego Probate
There are many steps in a successful probate sale that are the same as those in a traditional real estate sale. However a San Diego probate sale has some unique factors that can cause any involved party to quickly become overwhelmed by the process. As the seller of a San Diego probate property, you may be inundated with information that leaves you wondering if the process of selling a San Diego probate property is worth the hassle. This blog is dedicated to clearing up some common misconceptions about the process and putting you at ease about moving forward with the sale of your loved one’s house.
Am I Responsible for My Loved One’s Unpaid Debts?
The simple answer is no. The heirs are not held liable for debts the decedent incurred before they passed. California state law determines how funds are distributed to cover the debts and, if the funds are insufficient, the creditors generally are not able to take action against the family to recover debts.
I Heard that the Cost of a Probate Sale Is Outrageous; Is this True?
The cost components of a San Diego probate sale include appraisal costs, court fees, legal fees, accounting fees, and more. These costs can fluctuate but, on average, they make up about 3-7% of the total value of the estate. While this may seem like a significant amount of money, these time-consuming services take a great deal of work out of the hands of San Diego estate representatives so that they can focus on grieving the loss of their loved one.
A probate attorney handles the court documents and legal aspects of the estate. The sale of the property can be handled by a San Diego real estate agent that has experience and knowledge in all of the probate real estate-related documents required to finalize the estate. For the personal representative themself to try and complete these documents takes time and a great deal of money. Additionally if a mistake is made, the courts may reject the probate transaction, requiring that the process must then start over from the beginning. Even worse, an error may mean that the personal representative could be at risk of being held legally responsible. So while the cost of the services involved in a probate sale may seem extreme, they cover the value of having a professional take care of the most stressful aspects of settling the estate and the subsequent peace of mind that everything will be done correctly.
If There Is a Will, We Can Avoid Probate. Is this True?
Although a valid will is important to ensure that the assets are distributed according to your loved one’s wishes, it does not prevent the property from going through the San Diego probate courts. This is because a will only controls the distribution of assets that are individually owned and do not have a designated beneficiary. Examples of such assets are jewelry, furniture, and real estate that are only in the decedent’s name, personal bank accounts, etc. The courts have to oversee the distribution of these assets to be sure that there are no discrepancies as to who owns the individual assets.
The Probate Process is Always a ‘Bad’ Experience
Although the San Diego probate process can seem stressful and finding a lawyer and real estate agent can be overwhelming, it does not have to be a miserable experience. The San Diego probate process is meant to make sure that all heirs or beneficiaries receive their fair share of the estate, whether or not a will is available. Know that as long as your representation is well experienced in probate, you shouldn’t have to worry about a thing.
Having a great probate lawyer and real estate agent will get you through the process of probate with ease and put to rest any fears you may have. If you are looking for an experienced San Diego real estate agent who specializes in probate call me, Kim Ward, at (619) 741-0111 to get answers to your questions or to schedule your free consultation today!