Estate Sales

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Probate Sales, what exactly is probate?

probate judgeProbate is the step during the legal process in administering a person’s estate once they have become deceased. The entire process revolves around distributing the deceased person’s property, and is done using a will. The will is a document created by the person prior to their death stating who they wish to have what, or what they wish to have done with their property once they have passed on.

Many Estate Sale companies, hold what they call “probate sales”.  Grasons Co. is the number one estate sale company in Orange County, CA and they have first hand experience in dealing with probate sales.

Probate Court, also known as surrogate court, is the place where the legality of the will is verified. The court grants approval to the executor of estate, thus granting them ‘probate.’ The probated will then becomes a legal document that must be enforced by the person chosen to do so. This person must follow the instructions in the will exactly and see that everything is taken care of and/or dispersed in the manner stated. Typically the executor of estate, also known as the personal representative, of the deceased person is stated in the will. If a person is not stated in the will, the probate courts will chose the next of kin to follow the instructions listed in the will.

 

Fast Facts:

  1. probate saleThe term probate was derived from the Latin word probo, which means to try, prove, test, or examine.
  2. During  historical times a paragraph in Latin was written by scribes of the probate court beneath the actual written text of the will. The basic text would be translated to say: “A testament of such a kind was proved at (name of city) in the presence of the venerable man, (person’s name).”
  3. All of the deceased person’s creditors must be notified during probate, and all legal notices must be published.
  4. Homestead property, in some states (such as Florida) must be dealt with separately from the will itself, as this type of property follows it’s own set of rules. Most usually, homestead property will automatically be passed down to the surviving joint owner (if applicable).
  5. Filing and objecting claims have a time limit on when they can be done. This is why it is best to take care of these items as quickly as possible, to avoid the time limit expiring.
  6. If the estate of the deceased person is over a certain amount, there are multiple things which must be taken into consideration. These things include: estate taxes, inheritance taxes, and/or gift taxes.
  7. If one part of a recognized married couple passes away and they do not have a will, any property the couple jointly owned automatically passed onto the surviving spouse without the need of probate.
  8. Any and all executors of estate must be properly guided and informed on how (and when) to distribute a person’s assets. They should also be informed o how to take creditor’s rights into account, and properly settle those items which must be settled.
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