All states require all financial institutions to report to them when personal property is unclaimed after a period of time or abandoned. Before it can be considered abandoned or unclaimed the institution has to make a genuine effort to locate the owner. If they can’t though, the state claims the property through escheatment. Then, the state becomes the owner of the property. If a former owner ends up claiming the property later, states often give the owner the cash value of it.
Now, when we’re talking about an estate after someone has died, we also speak of escheatment. If a decedent leaves no one to take over part or all of their estate, and no one is left as an heir, the property is also to escheat to the state. If someone believes that they are an heir to the property or even just a blood relative, they can always apply to the California lost property department with their name, Social Security number and other information that might help their claim. In California, people have five years to make this claim or the property permanently escheats to the State of California.
Do You Need A California Realtor Specializing In Probate?
We are experts in the probate sale under the probate code and trust law. So, we know the California Probate Code. We won’t let you get lost in it. If you need a realtor in California specializing in probate, please contact us today! We are upfront and honest about the costs of probate. Everyone wants to know about probate fees, but no one wants to talk about them. We will though. Sentinel Realty Partners wants our clients to be fully prepared and fully informed about buying or selling California probate real estate.
We have a list of the absolute best probate lawyers in California available for our customers. Plus, we also have relationships with the most vetted contractors, plumbers and electricians in California. See? We will guide you through every step of the process of selling (or even purchasing) a home involved in probate.
If you are buying a home in California, please have a look at our probate property search. If you need a Los Angeles, Orange County, Riverside, or San Bernardino professional to help you through the probate real estate maze, call us! These waters a murky, and you’ll want a knowledgeable, dependable, responsive team behind you. Check out Sentinel Realty Partners’ client reviews.