Proposition 19’s Impact on Probate Sales:
Passed in 2020, Proposition 19 changed how inherited property is assessed for property taxes in California. Previously, parents could transfer their property tax base to their children when inheriting. Proposition 19 limits this benefit, potentially leading to a significant increase in property taxes for heirs.
This can influence decisions regarding probate real estate. Heirs facing a higher tax burden may be more inclined to sell the property quickly through probate to avoid ongoing tax liabilities.
The Streamlined Probate Process with IAEA:
The Independent Administration of Estates Act (IAEA) offers an alternative to the traditional probate process for qualified estates. Here’s how it streamlines things:
Reduced Court Involvement: In some situations, the IAEA allows the executor or administrator (the person responsible for managing the estate) to sell property without obtaining court approval for each step. This can significantly speed up the probate process.
Shorter Timelines: By eliminating the need for frequent court appearances, the IAEA can potentially reduce the overall time it takes to sell probate real estate.
It’s important to note:
Not all estates qualify for the IAEA process. There are specific criteria regarding the estate’s value and complexity.
Consulting with a probate attorney is recommended to determine if the IAEA is suitable for a particular situation.
Just Inherited California Real Estate? Don’t Get Overwhelmed! Probate can be confusing, but you have options. Unlock the full potential of your inheritance with expert guidance.
-TESS MARQUEZ – YOUR TRUSTED PROBATE RESOURCE
