Probate Referee duties in CA

[jbs1970]

What is the name of your state? CA
My understanding is the Probate Referee is to determine the value of noncash property. In this Estate there is a new vehicle but the payoff to the loan company is more than the value of the car. Does the referee have take this into account? Or is this going to be a big minus to the estate?
For CA probate law, does our attourny receive her payment on the value of the vehicle? Or the value minus what is owed? Thanks

 

[jbs1970]

Not being able to answer my own guestion. Can someone of knowledge jump in here or at least direct me to a site that has info on what the probate referee does? Thanks

 

[BlondiePB]

Never heard of probate referee

http://www.megalaw.com/ca/top/caprobate.php

 

[jbs1970]

A Probate Referee in CA determins the value of noncash property in an estate. Vehicles, houses and such. I assume this is to protect the estate. I tried to read the sections in Megalaw but was overwhelmed by the length. In this case payoff on one car is much more than the apprisal. My initial question was does the Referee have to take this into account. My lawyer said the Referee only determins the value on noncash items. But it would seem that this would have a minus effect on the estate. I was hoping that someone here would have had experience with this. This has to happen often with estates. Thanks

 

[BlondiePB]

A Probate Referee in CA determins the value of noncash property in an estate. Vehicles, houses and such. I assume this is to protect the estate. I tried to read the sections in Megalaw but was overwhelmed by the length. In this case payoff on one car is much more than the apprisal. My initial question was does the Referee have to take this into account. My lawyer said the Referee only determins the value on noncash items. But it would seem that this would have a minus effect on the estate. I was hoping that someone here would have had experience with this. This has to happen often with estates. Thanks

You are welcome. States do have different terms for things. My experience with estates and the value of non-cash assests always is based on the appraised price. That is what is used for the court and what the court wants - not what is owed on a payoff.

 

[jbs1970]

You are welcome. States do have different terms for things. My experience with estates and the value of non-cash assests always is based on the appraised price. That is what is used for the court and what the court wants - not what is owed on a payoff.

I guess that I should be happy that a multimillion dollar home, or a Hummer, (with no down payment) was not purchased just before death. The lawyer would be rolling in the dough. Thanks BlondiePB , JBS1970

 

[davidlanderson]

RE: attorney compensation

from CA probate code section 10810 (b)

"(b) For the purposes of this section, the value of the estate
accounted for by the personal representative is the total amount of
the appraisal of property in the inventory, plus gains over the
appraisal value on sales, plus receipts, less losses from the
appraisal value on sales, without reference to encumbrances or other
obligations on estate property."

 

[BlondiePB]

And, of course the expenses for selling an assest must be considered as well as everything going on the correct schedule and correct column on the accounting pages. jbs1970, if you become confused with all this accounting report, have a CPA do it for you and pay for it with the estate account.