What is probate?
Probate is the process of going through a court system to prove that a document – such as a will – is genuine so the court can approve it. However, probate doesn’t need a will to be proven. [...]
What is a trust?
A trust is a written legal document. There are several types of trusts, but the most commonly referred to is a living trust. A living trust partially substitutes for a will; with a living trust, your assets (like [...]
How does a sale conducted under the IAEA affect a licensee‘s rights and duties?
The personal representative has the power to grant an exclusive right to sell property for an original period not to exceed 90 days. Any extensions are also limited to a 90 day time period. ( Cal. Probate Code [...]
Must the personal representative administer the estate under the IAEA if the representative has been granted the authority to do so by the court?
No. Even though the court has granted the personal representative the authority to administer the estate under the IAEA, the representative is not required to sell the property in this manner. The determining factor of whether a representative [...]
How can a recipient of the Notice of Proposed Action object to the sale?
Anyone entitled to receive the Notice of Proposed Action can object to it by delivering or mailing a written objection to the personal representative at the address in the notice. (Cal. Prob. Code § 10587(b)). Alternatively, the objecting [...]
How should the Notice of Proposed Action be given?
The Notice of Proposed Action must be mailed or personally delivered to all persons entitled to receive it at least 15 days before the date the proposed action is to take place. If mailed, the notice must be [...]
How does the personal representative notify the above-named parties and what information must be included in the Notice of Proposed Action?
The personal representative notifies the required parties, mentioned in the previous question, of the pending sale with a form called the "Notice of Proposed Action." This form describes the terms upon which the personal representative proposes to take [...]
Is the personal representative required to inform anyone of a possible sale of estate real property when it is being sold under the IAEA?
Yes, the personal representative must give a "Notice of Proposed Action" when selling estate real property without court supervision (Cal. Prob. Code §§ 10510, 10511). The personal representative must inform the following persons and entities with an interest [...]
Are the price and terms prescribed by law when estate real property is being sold under the IAEA?
No. Under full authority to administer decedent‘s estate, a sale of estate real property may be made at the price and on the terms determined by the personal representative. The sale is not subject to court supervision or [...]
What is the difference between “limited” authority and “full” authority of a personal representative acting under the IAEA rules?
If the court grants only limited authority to the personal representative, he/she has the power to do all acts allowed under the IAEA rules except the power to: (1) sell real property, (2) exchange real property, (3) grant [...]