Full authority allows the personal representative of the estate to sell or exchange real property without court supervision. Limited authority to sell real property requires court supervision.
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By utilizing Proposition 58, after the close of probate or trust administration, the daughter should be able to continue to pay property tax on the parents’ original tax basis of $85,000.
If you do not transfer title of your home to your trust, and your name alone is on the deed, a probate of your home will be required when you die. The state could then recover against your home.
IRAs, 401k’s and other “qualified accounts” are exempt. The applicant however must be taking RMD’s or some amount of principal and interest on a periodic basis.
Properly recorded mortgages survive the death of the borrower/owner of the property, and remain as liens against the real property through probate.
You can also have access to the funds, like a line of credit, that you can draw on when needed.
Title to real property that is held in a revocable living trust is not subject to probate, because the real property will be distributed to the beneficiaries of the trust, by operation of the terms of the trust.
The state will want to know about all assets of both spouses, including savings, cash, stocks, etc. In addition, the cash surrender value of whole life insurance of the ill spouse cannot exceed $1,500.
If the will lists other beneficiaries in addition to the surviving spouse, then only the property listed in the will that goes to the surviving spouse is subject to the petition.
If there is no will, then the surviving spouse, the children of the decedent, parents, etc., can petition the court to be named as the “Administrator With Will Annexed.”