When a loved one passes away, the family is left with a lot of responsibilities, including the handling the Estate. Often, one of the biggest assets of the estate is any real estate, and this can present unique challenges – especially when it comes to selling the property.

Probate real estate sales is the sale of a property that is part of an Estate is going through probate. Probate is the legal process of distributing assets of a deceased person to their heirs or beneficiaries. Probate real estate sales can be complex and require an experienced real estate agent to navigate.

At the Lamb Probate Realty Team, we specialize in Probate and trust real estate sales. With over ten years of experience in real estate sales and six+ years in the specialty field of Probate sales, our team of experts understands the intricacies of the probate process and can guide you through every step of the way. We know the timelines and deadlines for the Probate process, and we understand that selling a property that was part of an estate can be an emotional and challenging experience. We get it! We work with sensitivity and compassion to ensure that the process is as smooth as possible. 

If you are an Executor, Administrator, or have petitioned the Probate Court to handle the affairs of an Estate, we can be of assistance. We will help you navigate through the legal process of selling the real estate. Whether you need help securing the property, managing the care for it, evaluating what type of repairs and improvements to make, or getting the property ready for the market, we have experience and a team of outside resources to help simplify the responsibilities for you. When you are ready to go on the market to sell the property, our team will determine the value of the property for you, market the property to achieve a quick sale for top dollar! We will negotiate the purchase, and navigate the escrow process with the Probate Court, attorneys, escrow officers, buyers, etc. to assure your sale closes and is smooth and as easy as possible. Experience in Probate sales matters!

If you are considering selling a probate property, contact us today to schedule a consultation. We are here to help you every step of the way.

Article by: Eric L. Lamb (Broker/Realtor)

The post Probate Real Estate Sales appeared first on Lamb Probate Realty Team.

One part of the running the estate is to be a vigilant care provider and safeguard the value of the Estate’s assets – including the deceased possessions. This may be an aspect of the home’s responsibilities that is overlooked as a part of the probate process – but the home should not be sold furnished – not with your loved ones past possessions.

Avoiding Hazards

Con artists keep inventing new ways to defraud Estate Administrators as they struggle with volumes of household goods. Few people properly screen and vet the service providers they allow to sort, sell, organize or pack their loved one’s possessions. Some adult children are so overwhelmed by the thought of downsizing and decluttering their parents’ home they hire just about anyone to help quickly and cheaply carry out the tedious and time-consuming tasks.

Unfortunately, many fail to realize that most downsizing and moving services are largely unregulated. This includes services like tag sales, estate sales, organizing, junk removal, storage, and even some moving services.

For example, there are an estimated 14,000 estate sale providers in the U.S. according to EstateSales.net. There are also an increasing number of complaints. One popular scheme involves under-valuing items that are then sold to known parties, who resell them at a much higher price and split the proceeds. Another scheme involves outright theft of items in the home.

Consumer Safeguards

Legislation won’t guarantee that your family won’t be harmed. The competitive marketplace and online reviews will help consumers make informed choices based on quality of service, training, and pricing. Additionally, senior service professionals and referrals from friends will help families find qualified, reliable, and trusted providers. We offer a network of professional services with trustworthy management and employees to cover all the needs you might encounter in your Probate case.

Ask these questions of estate sale providers:

“Legitimate” companies will welcome consumers’ questions and take time to provide answers.

Q. What is your commission structure and what does it cover?

Most estate sale companies base their fees on a percent of the sale and may also charge a reserve or admin fee. Percentages in the U.S. range from 35 to 60 percent, depending on services provided and estimated value of the sale. A lower percentage does NOT necessarily mean more profit. A skilled professional with a developed a list of qualified buyers may make more money for you, even while charging a higher percentage.

Consider the following services needed to hold an estate sale: price, research, organize, categorize, and stage inventory; place signs, promote, advertise, set up, and staff the sale; provide tables and display fixtures, secure permits, arrange for security, send invitations to known buyers, provide oversight and traffic control, manage transactions, and provide a final accounting.

Q. Have you and your staff been trained and certified? What is your field of expertise?

While the estate sale industry is unregulated and can be a haven for scam artists and unethical companies, it is important to understand how a provider is qualified to serve you. Unfortunately, many companies do not have regular qualified staff, and hire contract workers or friends to help with a sale.

Q. Do you have a legal contract and do you carry insurance?

You should not engage an estate sales representative without a contract and should receive a copy of the signed contract. Any qualified organization should be prepared to protect your possessions, as well as their own business and employees, through insurance.

This article was originally found on (and adapted from) TheCaregiversVoice.com

The post Avoiding Estate Sale Scams appeared first on Lamb Probate Realty Team.

EARLY STEPS FOR ESTATE ADMINISTRATION

Find, read, and safeguard Will and Living Trust, if available. Meet members of family and other interested parties; assist in notifications and preparations of burial/cremation and ceremonial arrangements; determine who is to be Executor/Administrator of Estate. Notify employer; arrange for care of surviving spouse, dependent children, & pets; cancel home services & subscriptions; arrange for yard care; and forward of arrange for mail pick-up. Secure portable valuables (cash, art, jewelry, collections, firearms, etc.) & medications. Request Death Certificate. Confer with attorney who drew the Will and persons familiar with financial affairs of Estate.

GATHER ESTATE RECORDS & INFORMATION

Gather available Estate records & information (see Estate Record Checklist). Review Probate guidelines & determine if Probate is necessary.

NOTIFICATIONS

Notify banks, insurance companies, former employers, Social Security Admin., pension payers, mortgage company, HOA, credit card companies, volunteer & social groups, health providers, USPS, Veterans Affairs, DMV, etc.

SAFEGUARD THE ASSETS

Review records & information for Estate; take immediate protective measures to protect assets.

• Secure Personal Property (cash, furniture, electronics, jewelry, antiques, art, collectables, vehicles, firearms, tools, china/crystal/silver, equipment, etc.)
• Protect Real Property. Inspect condition, review live-in caretaker or vacant options, keys/locks, upkeep, ongoing bills (mortgage, taxes, HOA, alarm, utilities, insurance, etc.) Review leases, management for vacation houses, investment properties, etc.
• Secure Business Interest (business records & property). Confer w/ key people in management & arrange for ongoing business as needed.
• Protect Securities & Intellectual Property (cash, bank accounts, retirement accounts, securities, pensions, insurance policies, royalties, copyrights, patents etc;
• PETITION COURT FOR PROBATEGather names and addresses of heirs & beneficiaries. Obtain proof of heirship and locate witnesses. File Petition For Probate with Court. Publish & mail notifications, file proof of published & mailed notifications, file other documents as required. At Probate Court Hearing, Letters of Testamentary/Administration may be issued if no objections and case in order

LETTERS ISSUED – EXECUTOR/ADMINISTRATOR APPOINTED

Obtain Employer Identification Number (EIN) for the Estate from the IRS; open Estate bank account. Assure assets have been safeguarded (see above Safeguard The Assets step).

INVENTORY & APPRAISAL OF ASSETS

• Inventory personal property; give special study to valuable collections & gather appraisals as needed.
• Take steps to collect cash from life insurance policies & benefits. Secure tax waivers and collect cash.
• Inventory real property; obtain appraisal from Probate Referee. (Recommend getting a CMA from a qualified Agent.
• Obtain custody of securities. Collect all interest and dividends.

NOTIFICATION OF CREDITORS

Gather information on Creditors of the Estate. Request all claims for amounts due, locate evidence & witnesses claims, contest unwarranted claims.

ADMINISTER THE ESTATE

Administer the estate governed by the wishes expressed in the Will, the requirements of the Estate, and local Probate law

• Determine method of distribution of personal property not bequeathed. Make careful estimates of amount of cash to be raised for payment of taxes, legacies, expenses of administration, and of probable net estate for distribution.
• Determine method of distribution of personal property not bequeathed. Make careful estimates of amount of cash to be raised for payment of taxes, legacies, expenses of administration, and of probable net estate for distribution.
• Make comprehensive review of market conditions for each security to decide which should be sold first, if necessary to meet taxes, expenses, claims, and specific bequests.
• Investigate all real property from standpoint to earnings, market, and desirability in case circumstances required for sale.
• Arrange for necessary proceedings to release securities of property located in other states
• Review assets bequeathed  to heirs and beneficiaries.  

SETTLE ALL PROPER CLAIMS

Review all available evidence regarding propriety of each claim filed, resist all improper claims, and pay all approved and allowed claims from Estate.

FILE TAX RETURNS

Gather records & information to prepare and file tax returns for each taxing agency (IRS, CA Franchise Tax Board, etc.). Make careful survey of all possible tax claims to assure no further liability exists upon review of taxing agencies. (Tax laws & regulations regularly change; recommend working with a qualified Accountant/Tax Expert to discuss taxes and prepare appropriate Tax Returns).

• Income Taxes: File Federal and State Income Tax Returns for Decedent’s income tax liability for part of year prior to death if needed.  Pay any taxes due.
• Federal Estate Taxes: Review Estate’s value to determine if falls above or below the exemption. File Federal Estate Tax Return if applicable. Pay any taxes due.
• Estate Income Taxes: If income generated by Estate after Decedent’s death, file Federal and State Estate Income Tax Returns as needed. Pay any taxes due.
• State Inheritance Taxes: Although CA does not currently have an inheritance tax, review state tax laws of state of residency and/or property located in other states. Arrange for release and waiver of securities as needed. Pay any taxes due.

DISTRIBUTE PROBATE ESTATE

Prepare for final account showing in detail all receipts and disbursements from Estate. Notify interested parties of Final Hearing & file proof of notifications. Distribute property by transferring assets to new owners (get receipts) as directed by Court.

OBTAIN FINAL DISCHARGE

After final payment and distribution to legatees and devisees; secure final discharge as a Executor/Administrator.

The post Duties of an Executor/Administrator appeared first on Lamb Probate Realty Team.

When a death occurs, there are so many things that are necessary to handle. It is important to take care of the physical and emotional needs of family and loved ones, so take some steps to assure they are addressed early. Once these immediate needs are handled, then it is important to attend to the Estate and the steps needed to care for it. There are legal requirements of this process, so most people choose to work with a qualified Attorney to address the process of handling the decedent’s Estate. (Please note, the law requires a Petition for Probate to be filed within 30 days from decedent’s date of death). 

EARLY STEPS AFTER DEATH 

• Arrange for care of a surviving spouse, dependent children, & pets.
• Certification of Death. The County Coroner is the legal entity that issues Death Certificates. If the death occurred in a hospital or from an accident where the deceased was transferred to a hospital, the hospital staff can take care of of the necessary steps to certify the death and notify the county coroners office with the information needed for the Death Certificate.

If the death has occurred away from a hospital, certain people/groups will need to be officially notified as to the information. Hospice care workers often handle the necessary tasks if they were involved in care for the deceased through a sickness.

• Notify employer, school, etc.
• Cancel home care services
• Forward/Arrange for mail pick-up, cancel subscriptions, etc.
• Notify family, friends, memberships, clubs, etc.
• Arrange for yard care and maintenance of real property.

EARLY STEPS FOR ESTATE ADMINISTRATION

• Find, read, and safeguard Will and Living Trust, if available.
• Meet members of family and other interested parties of the deceased.
• Assist in notifications and preparations of burial/cremation and ceremonial arrangements
• Determine who is to be Executor/Administrator (Estate Representative) of the Estate.
  • If there is a Will, it usually appoints an Executor; this is normally becomes the Estate Representative if they are willing and able.
  • If there is no Will, the Estate will need to go through the Courts, and the Court will appoint an Administrator as the Estate Representative. There is a priority list of whom the Court will appoint, usually starting with the surviving spouse, children, etc. (Paperwork to start the process will require someone to file a “Petition for Probate” with the Court, so it is preferred to have the person who will be appointed the Estate Representative to work with a Probate Attorney or personally do the filing).
    • If the Estate is considered a Small Estate, the assets must fall below a certain value.
    • A full Probate
• Gather available Estate records and information (see our Estate Record Checklist). Review records & information for Estate; take immediate protective measures to protect assets. 
• Secure Personal Property (cash, furniture, electronics, jewelry, antiques, art, collectables, vehicles, firearms, tools, china/crystal/silver, equipment, etc.)
• Protect Real Property. Inspect condition, review live-in caretaker or vacant options, keys/locks, upkeep, ongoing bills (mortgage, taxes, Home Owner’s Association (HOA), alarm, utilities, insurance, etc.). Review leases, management for vacation houses, investment properties, etc. 
• Secure Business Interest (business records and property). Confer with key people in management and arrange for ongoing business as needed.
• Protect Securities and Intellectual Property (cash, bank accounts, retirement accounts, securities, pensions, insurance policies, royalties, copyrights, patents etc).
• Review Probate guidelines and determine if Probate is necessary.
• Notify banks, insurance companies, former employers, Social Security Admin., pension payers, mortgage company, HOA, credit card companies, volunteer & social groups, health providers, USPS, Veterans Affairs, DMV, etc. Secure portable valuables (cash, art, jewelry, collections, firearms, etc.)
• Secure/Dispose of medications,
• Secure Real Property. Change locks if necessary, arrange a lock-box on property with keys, arrange for continual yard care and maintenance.
• Notify mortgage company, utility companies, Home Owner’s Associations (HOA) of descese.
• Notify asset companies and insurance companies 
• Notify Social Security Administration of descease
• Notify creditors of decease. 
• Request Death Certificate.
• Confer with attorney who drew the Will and persons familiar with financial affairs of Estate.
• Obtain services of a qualified Probate Attorney to prepare documents for filing of Probate if necessary.

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