Legal Question in Wills and Trusts in California
attorneys fee/probate
How does the Attorney estimate the value of the Estate ?? Theres a house involved that has to go through Probate/NO WILL. Does the value on the Tax Bill count? Or does it have to be appraised? Also I was told its better to get an Attorney in the county of the property,
3 Answers from Attorneys
Re: attorneys fee/probate
yes, you should consult an attorney to review the facts of the estate and determine whether or not probate is necessary.
Re: attorneys fee/probate
You should talk to a lawyer, first of all to find out if the house has to go through probate, or if there is a simpler, easier way to transfer it outside of the probate system (there are many loopholes, and sometimes even real property can be transferred without having to go to court.) Your lawyer doesn't have to be in the same county as the property, although that might be advisable if a court appearance is necessary. Feel free to contact me if you'd like to discuss this further.
Re: attorneys fee/probate
The appraised value on the tax bill is often what the house sold for the last time it changed hands, plus the allowed 1.5% increase. So depending on how long ago that was, the house may be worth considerably more. When you sell the house, your basis for taxes will be the fair market value at the dead of the person who died and left it to you, so you want it as high as possible as long as it does not exceed the current estate tax exemption. Capital gains taxes normally are less than estate taxes. If the matter has to go through probate [you want to avoid probate if you can], the court will have an independent, current appraisal done.