property to bypass probate entirely, saving significant legal fees and reducing delays. Without probate, the executor can list and sell the property like any standard real estate transaction.
Financial and Legal Considerations
COSTS Probate fees in California can total up to 6% of the estate’s value, including attorney and court costs. Additional expenses may include maintenance, taxes, and vacant home insurance during the probate process.
TAX IMPLICATIONS
The tax basis for inherited property is "stepped up" to its market value at the time of the decedent’s death. Capital gains tax applies only to the difference between the sale price and this stepped-up basis.
Why Hire an Experienced Probate Agent?
Navigating probate sales requires specialized knowledge of legal procedures, unique vocabulary, and specialized documentation. An experienced probate agent can guide you through the process, ensuring compliance with court requirements while maximizing the property’s value.
26
Powered by FlippingBook