Navigating the Probate Journey
Full Authority Timeline
In the realm of probate, securing "Full Authority" from the court is a pivotal step, but it's crucial to recognize that this process unfolds gradually. Typically spanning from 8 months to a year, the timeline depends on the efficiency of both the probate attorney and the court, with variations across jurisdictions. It's strongly advised to enlist the expertise of a seasoned probate attorney and a certified probate and estate specialist Realtor for a smoother experience.
Step 1
Initiation
Embark on the probate journey by connecting with Jeremy Higgins, a Certified Probate & Estate Specialist, for an initial consultation. Follow this up by selecting a probate attorney and, in collaboration with Jeremy, file a probate petition. Simultaneously, issue a public notice for the first court hearing, clearly specifying the date.
Initiation
Step 2
4-6 Weeks
The court hearing usually takes place in the deceased's county of residence. In most instances, your physical presence may not be required, as your probate attorney steps in on your behalf. Confirm the necessity of your attendance with your probate attorney before the court date.
4-6 Weeks
Post Court Hearing
Step 3
Post Court Hearing
After the hearing, the court issues Letters and an Order for Probate, empowering the personal representative (you) with the authority to administer the probate. These documents outline associated responsibilities and may involve the court stipulating a bond to safeguard against potential fraudulent activities.
Upon receiving the Letters and Order for Probate, you gain the ability to list the deceased's home for sale and consider offers, involving a distinct listing and offer-handling process compared to a conventional sale.
The personal representative, representing the estate, signs the listing agreement, including a probate listing addendum and a probate advisory. Similarly, the purchase agreement incorporates a probate purchase addendum and a probate advisory, meticulously overseen by Jeremy.
Jeremy initiates the escrow process for the home sale, providing your probate attorney with a copy of the accepted contract.
Post Court Hearing
Step 4
During Escrow
The probate attorney issues a Notice of Proposed Action, triggering a 15-day waiting period before the finalization of escrow. Simultaneously, the personal representative secures an estate EIN and establishes an estate bank account for the deposition of net proceeds from the house sale.
Approximately 21-28 days post-offer acceptance, the buyer's loan documents are issued. The buyer and the personal representative sign escrow documents with a mobile notary, and escrow concludes approximately 2 business days later.
Step 5
Within 90 Days of Order of Probate Issuance
Send notices to the Franchise Tax Board, the Department of Health Services, and the Victim’s Compensation Board, with guidance from your probate attorney
Step 6
Within 120 Days of Order of Probate Issuance
As the personal representative, compile asset information and, with your probate attorney's assistance, file an inventory and appraisal form. Notify creditors and allow time for creditor responses.
Step 7
Approximately 6 Months of Order for Probate Issuance
Around six months after filing the probate petition, consult with a qualified CPA to address tax considerations, including potential benefits such as capital gains exemptions through a step-up basis and estate tax exemptions.
Step 8
Between Months
8-12 of Order for Probate Issuance
The probate attorney petitions the court for final distribution (accounting), leading to a court hearing. If all unfolds as planned, you will receive a receipt for distribution, an ex parte petition for discharge, and the case will be officially closed. At this juncture, all remaining proceeds in the estate can be dispersed to the heirs.
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In unique cases where the court issues "Limited Authority," extending the probate estate process beyond a year, additional steps in the sale process and extra court dates may be necessary.
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