The Probate Referee Guide-Books Pdf

The Probate Referee Guide
06 Apr 2020 | 23 views | 0 downloads | 69 Pages | 2.41 MB

Share Pdf : The Probate Referee Guide

Download and Preview : The Probate Referee Guide

Report CopyRight/DMCA Form For : The Probate Referee Guide


THE PROBATE REFEREE GUIDE,Association Letter and Acknowledgements. Dear Reader, Once again the California Probate Referees Association is Association of California published a four page brochure. pleased to present a new edition of the Probate Referee Guide entitled What To Do Until The Appraiser Comes This. This guide is designed to assist those with experience in guide was written by Harold Miossi a Referee in San Luis. Obispo County, probate matters and their staff as well as those who may have. In 1976 the next edition was prepared under the, no previous experience This revision covers all basic chairmanship of Irving Reifman with committee members. procedures and highlights several laws enacted since the J Edward Fleishell and Albert Nicora Since 1976 the. previous edition was published including the law requiring Referees Association has published several editions of this. valuation of all assets whenever an account is required and Guide Over 250 000 copies have been printed. the small estate transfer rules This guide may also be found Additionally the guide has been reprinted in its entirety by. online at the association website www probatereferees net the Continuing Education of the Bar C E B and by various. As in the past the focus of this publication is the preparation legal accounting paralegal and secretarial associations for. of the Inventory and Appraisal Practical suggestions are distribution to their participating members. My thanks to the current guide committee and to the editors. offered for preparing attachments describing assets. listed below Finally it would not have been possible to. presenting necessary supporting data and obtaining appraisals publish and distribute this guide statewide without the. Probate Referees have been proudly assisting the courts generous assistance of Ruben Martinez Broker F R E S. attorneys and the public for over 70 years As trusts have. become a more and more popular estate transfer device the We look forward to serving you. Referee s role has expanded to include trust and other non. probate valuations as well Dennis Illingworth, In the early 1960 s the State Inheritance Tax Appraisers President California Probate Referees Association.
PUBLISHED AND DISTRIBUTED BY,2017 EDITORS,California Probate Referees Association. Dennis Illingworth, TO OBTAIN ADDITIONAL COPIES CONTACT Chairman Orange County. YOUR LOCAL PROBATE REFEREE OR DENNIS,ILLINGWORTH AT EXITREF AOL COM David Elefant. Contra Costa County, Copyright 1976 by California Probate Referees Association. Revised 1978 1979 1989 1994 1998 2001 2005 2013,Robert Harmssen.
2013 2014 2015 2017,Santa Clara County, All rights reserved This booklet or parts thereof may not be. reproduced in any form without permission Michael Kasolas. San Francisco County,NOT PRINTED AT PUBLIC EXPENSE. Albert Nicora,Monterey County,Irving Reifman,Los Angeles County. Rev 03 2017,TABLE OF CONTENTS,WHY USE A PROBATE REFEREE 1. THE ROLE OF THE PROBATE REFEREE 3, BENEFITS OF USING PROBATE REFEREES IN TRUST AND NON PROBATE.
TRANSFER OF SMALL ESTATES AND SPOUSAL PROPERTY PETITIONS 5. REQUIREMENT OF VALUATIONS WHENEVER ACCOUNTS ARE REQUIRED TO BE. PREPARING THE INVENTORY AND APPRAISAL 6,What is the Inventory and Appraisal. Checklist for preparing the Inventory and Appraisal. What does not go on the Inventory and Appraisal, Differences between Inventory and Appraisals in Conservatorships and Probate Estates. What goes on Attachment 1,What goes on Attachment 2. LISTING PARTICULAR ASSETS 10,The importance of complete information. REAL PROPERTY 10, Vacant agricultural condominium and single family residential.
Residential income commercial industrial property,Stock cooperatives. Oil Gas and Mineral Rights,Life estates,Remainder and reversionary interests. BUSINESS INTERESTS 13,Basic Financial Information,Closely held corporations. Limited partnerships,General partnerships,Sole proprietorships. TANGIBLE PERSONAL PROPERTY 15,Jewelry art coins antiques.
Mobile homes,Motor vehicles and boats,Livestock and breeding animals. PROMISSORY NOTES 16,SECURITIES 17,Portfolio accounts at brokerage firms. Common and preferred stocks,Mutual funds,Stock options. Corporate municipal and state bonds,United States treasury notes and bonds. United States savings bonds,GNMA FNMA and FHLMC securities.
OTHER INTERESTS 19,Distributions from estates and trusts. Insurance annuity policies and proceeds, Patents trademarks copyrights and royalty interests. Judgments and ongoing litigation,ADMINISTRATIVE QUESTIONS COMMONLY ASKED 21. How long does the appraisal take,How do I correct a mistake in the inventory. When do I need a reappraisal for sale,Can I request Minority discounts.
APPENDIX A G EXAMPLES OF THE FORMS,Sample completed Inventory and Appraisal Form. Sample Attachment 1, Sample Attachment 2 with with completed attachments. Attachment 1 vs Attachment 2, Sample Blank Appraisal Report of California Probate Referee Form. Sample Inventory and Appraisal Forms with corrections. Sample Blank Application and Order Appointing Probate Referee Form. WHY USE A PROBATE REFEREE, For many years estate representatives have enjoyed the benefits of a system unique to. California This system offers low cost prompt and reliable appraisals of all types of estate assets. including businesses securities real estate and personal property Attorneys professional. fiduciaries and private citizens have used the system to their advantage for decades That system is. known as the California Probate Referee System, Formerly known as Inheritance Tax Appraisers or Inheritance Tax Referees before the.
1982 repeal of the California inheritance tax Probate Referees continue to provide quality appraisals. to the California taxpayer The very modest appraisal fees are paid by the estates Although required. in most court related matters Probate Referees also serve at reasonable cost in non probate matters. such as Trust Administration, California Probate Referees serve in every county in California Using the Probate Referee. system means one stop service for the estate representative or trustee Simply provide your local. Probate Referee with a list of all property and your local Probate Referee will handle the referrals. to other Probate Referees throughout the state This ancillary portion of the system costs the. estate nothing extra as the statutory fee is shared by the Probate Referees involved The ancillary. system assures each party that a local expert has appraised each parcel of real property. Probate Referees regularly perform similar appraisal services for trusts and estates where. no court proceeding is involved and with the evolution of living trusts in California non judicial. appraisals have become much more common Trustees and their legal representatives need asset. values for inventory tax basis and distribution purposes Using regular fee appraisers for such. valuations can be quite costly Often such fee appraisers can only appraise one type of property. making it necessary to hire several appraisers And if assets are located in more than one county it. makes the Trustee s job even more difficult One of the obvious benefits of the Probate Referee. system is the availability of one expert who can provide all the trust values Our legislature. specifically authorized Trustees to use Probate Referees for non Court appraisals in Probate Code. 16247 Further references to the Probate Code sections are shown as PC in this guide. PC 1063 requires an additional schedule showing market values of assets whenever. accountings are required to be filed by the court This includes accountings made anytime during a. conservatorship or guardianship Although these required valuations can be made by the fiduciary. use of a Probate Referee is recommended Most fiduciaries are not experienced appraisers In the. event a fiduciary makes an error in valuation the fiduciary may expose himself or herself to. surcharge or mismanagement claims Use of the Probate Referee may insulate the fiduciary from. such claims and ensures the valuations will be made in a professional non biased and independent. manner Further if property is located throughout the state Probate Referees can make the. fiduciary s job much easier, Probate Referees are well qualified to serve Before being appointed Probate Referees. must pass a rigorous state administered test on probate procedures and appraisal principles and be. interviewed by a qualification committee appointed by the California State Controller Probate. Referees are currently required to complete 15 hours of continuing education each year Their. offices are periodically audited by the Controller Probate Referee values are widely accepted by. both judges and the Internal Revenue Service as being objective fair and accurate. The use of independent Probate Referees relieves the estate representative trustee. conservator guardian or attorney from the responsibility and potential liability of determining. values Well informed fiduciaries utilize Probate Referees to avoid potential claims by unhappy. beneficiaries If prior arrangements have been made Probate Referees will defend their independent. valuation to the estate beneficiaries or the IRS California Probate Referees look forward to the. opportunity to serve you for court or non court appraisal needs. Please check our association website www probatereferees net where the following interesting. links can be found,1 Probate Referee Directory,2 Guide to Using Probate Referees. 3 California Probate Code,4 CUSIP finder,5 Trust Non Probate Appraisal Form. 6 Probate Appraisal Form,7 California Inheritance Tax Forms.
8 Summary of Probate Procedures,THE ROLE OF THE PROBATE REFEREE. Who Is A Probate Referee PC 400 408, Probate Referees are appointed by the State Controller from a pool of qualified applicants who have. successfully passed a comprehensive examination Each Probate Referee serves a specific county for a term not. exceeding four years Probate Referees are officers of the court but not employees of the State of California. Referees cost the taxpayers nothing as their fees are paid by the estates or Trusts involved In court matters such. as probates conservatorships and guardianships the court designates the Probate Referee usually by impartial. rotation In the case of trusts or non probate procedures the trustee or estate representative may select the Probate. Following the Savings and Loan Scandal in the late 1980s and the tremendous problems caused by. inappropriate loan appraisals the federal government required all states to license appraisers Each state has. adopted licensing to meet its own unique needs After extensive hearings the California Legislature set. requirements for licensing and specifically exempted Probate Referees California Business and Professions. Code 11302 b provides, This part does not apply to a Probate Referee acting pursuant to sections 400 to 408 inclusive of the. Probate Code, The intent and purpose of this exemption was further enhanced in 1994 In the comprehensive Probate. Reform Bill the Legislature amended PC 16247 to provide that Probate Referees were authorized to perform. appraisals for Trustees and other non Probate Court matters. What Does The Probate Referee Do PC 8800 8802 8902 8940. The Probate Referee appraises all property in the estate except for cash type items It is the. responsibility of the personal representative or trustee to provide the Probate Referee with the list of property items. to be appraised the Inventory and Appraisal The Inventory and Appraisal must be filed with the Court no later. than four months after the court issues Letters Testamentary or Letters of Administration In conservatorships the. Inventory and Appraisal must be filed within 90 days after the appointment of the Conservator After receipt of the. Inventory the Referee is required to complete the appraisals within 60 days return the Inventory to the personal. representative or report to the court the reason for the delay In non probate and trust cases there is no specific. time deadline and the Probate Referee may appraise the assets that are requested The trust assets to be appraised. are described on the Appraisal Report of California Probate Referee form See Appendix E. What Is The Compensation Of The Probate Referee PC 8960 8964. For any appraisal required by statute Probate Referee fees are 1 10th of 1 001 of the total assets. listed on Attachment 2 For example the Probate Referee s fee to appraise a home valued at 400 000 00 is. 400 00 In addition the Probate Referee charges for expenses such as mileage mapping and photos In trust and. other non probate matters the fee is negotiable The minimum fee is 75 00. Do I Have To Use A Probate Referee PC 8903 8904, Generally yes in all court matters and even in some non probate procedures a Probate Referee is.
required The court will not waive the Probate Referee appraisal absent a showing of good cause However. waiver of a Probate Referee requires a court hearing and the filing of legal documents In the end it may cost the. estate more to attempt to waive the Probate Referee than the usual relatively modest Probate Referee fee involved. Most judges who rely upon the Probate Referee to verify assets are reluctant to grant a waiver If there are. extraordinary circumstances in your case which you believe may justify a waiver you should discuss them with. one of the Probate Referees in your county before filing a Petition for Waiver In many cases the matter can be. resolved to the satisfaction of all parties,BENEFITS OF USING PROBATE REFEREES. IN TRUST AND NON PROBATE MATTERS,WHAT CAN THE PROBATE REFEREE DO FOR THE TRUSTEE. Probate Referees provide accurate appraisals of trust assets for purposes of estate taxes gift distribution. or determination of the Trustee fees, Probate Referees may insulate the Trustee from claims by the beneficiaries that assets were undervalued. or overvalued for distribution fee determination purposes or help eliminate any other conflict of interest. that may exist, Probate Referees can appraise all non cash assets located within California making the Trustee s job. easier Your local Probate Referee will take care of referring out of county property to other Probate. Referees in the State obtaining a local expert in each county for the appraisal. Act as an independent and fair appraiser for dispute situations such as in a dissolution proceeding in an. action for partition of real property or in partnership conflicts. IN OTHER COURT AND NON COURT MATTERS THE REFEREE CAN. Determine fair market value to assist in liquidation matters CCP 873 010. Determine fair market values for use in dissolution of partnership matters or partition actions CCP 873 010. Provide valuations for partial ownership interests See Minority Discounts page 22. Determine fair market value in foreclosure actions CCP 726. OVERALL BENEFITS, Appraisal fees are extremely competitive In Trust situations Probate Referee fees are negotiable and.
compare favorably with charges made by fee appraisers. Probate Referees enjoy the support and confidence of the IRS and judges If prior arrangements have been. made Probate Referees will defend their values if questions arise with the IRS and courts Probate Referees. are required by law to retain their records and supporting documentation for a minimum period of three 3. TRANSFER OF SMALL ESTATES AND SPOUSAL PROPERTY PETITIONS. California provides several options for transferring property of small value without a formal probate. proceeding Many assets are exempt in arriving at the dollar limit and these are found in PC 13050 If you are. unfamiliar with these laws remember that the following is only a summary of the Probate Referee s involvement. and you should consult with your legal advisor to be sure you in full compliance with the law. OPTION 1 If the estate holds only personal property worth not more than 150 000 00. PC 13100 There is a 40 day waiting period from date of death. OPTION 2 If the estate holds real and or personal property worth not more than 150 000 00. PC 13150 There is a 40 day waiting period from date of death. OPTION 3 If the estate holds only real property worth not more than 50 000 00. PC 13200 There is a six month waiting period from date of death. OPTION 4 If the estate holds property passing to a surviving spouse no dollar limit. PC 13650 There is no waiting period, UNDER OPTION 1 if there is no real property the heirs simply sign an affidavit under penalty of. perjury alleging among other things that the estate is worth not more than 150 000 00 No court. documents need to be filed No Inventory and Appraisal is necessary There is a 40 day waiting period. BOTH OPTIONS 2 and 3 require a Probate Referee In both cases an Inventory and Appraisal is required to. be attached to the petition or affidavit which is filed with the court The statutory fees for the Probate Referee are. the same as in probate proceedings California law requires that the appraisal be made and signed by a Probate. Referee from the county where the real property is located Your local Probate Referee can assist you in selecting. an out of county referee if requested, UNDER OPTION 4 a surviving spouse can receive unlimited amounts and a Probate Referee appraisal is not. required but is strongly recommended in order to clearly establish a new tax basis of the property for federal and. state income tax purposes A future challenge by the IRS or the State Franchise Tax Board is thereby greatly. reduced Court documents must be filed An Inventory and Appraisal is not required but is often filed with. the court There is no waiting period The Petitioner selects the Probate Referee and the Inventory and Appraisal. form is used,REQUIREMENT OF VALUATIONS WHENEVER,ACCOUNTS ARE REQUIRED TO BE FILED PC 1063. Whenever the fiduciary is required to file an account with the court usually in conservatorships. guardianships and trusts subject to continuing jurisdiction of the court an additional schedule must be included. which shows the market value of the assets on hand at the beginning of the accounting period and for all. accounts subsequent to the initial account The code section allows the fiduciary to make this valuation by. good faith estimate but many fiduciaries are concerned about the potential liability in self appraising such. assets Fiduciaries are often untrained in appraising and assets may be located throughout the state Given the. very reasonable cost of Probate Referee appraisals and the state wide Probate Referee network available a. Probate Referee appraisal should be considered,PREPARING THE INVENTORY AND APPRAISAL. PC refers to the Probate Code,WHAT IS THE INVENTORY AND APPRAISAL PC 8802.
The Inventory and Appraisal is a legal document providing a complete listing of the estate assets as of a. particular date usually the date of death In a guardianship or conservatorship estate it is the date of appointment. There is a cover page plus attachment pages, The Inventory and Appraisal form is used for probates conservatorships guardianships petitions to. transfer estates not exceeding 150 000 00 affidavits to transfer real property not exceeding 50 000 00 and. spousal property petitions PC 8800 2610 13150 13200 13500. For non court proceedings such as trusts non court appraisals for tax purposes and for other purposes. assets should be listed on a different form called the Appraisal Report of California Probate Referee Blank. forms may be obtained at the end of this manual see Appendix E from your local Probate Referee or the. Probate Referee Website www probatereferees net These forms are designed to be attached to IRS Form 706 or. 709 returns Discuss the purpose of the appraisal with the Probate Referee as there may be special requirements. that need to be taken into consideration, CHECKLIST FOR PREPARING THE INVENTORY AND APPRAISAL. Attachments 1 and 2 at the end of the manual see Appendices B and C contain detailed examples of. all types of property described below in this manual Refer to these pages for specific examples of how the. property should be listed on the Attachments For a comparison of Attachment 1 and Attachment 2 see Appendix. D The following applies in all situations in which an Inventory and Appraisal is required. 1 Judicial Council forms must be used The form is titled Inventory and Appraisal with a Judicial Council issue. approval date of January 1 2007 in the lower left corner see Appendix A Use of an earlier version of the form. may result in rejection of your inventory by the court. 2 Note that the date of death or of appointment is located in an easy to overlook box below the case number. Without this date the appraisal cannot be completed by the Probate Referee. 3 For both Attachment 1 and Attachment 2 the following recommendations will greatly assist the Probate. Referee in completing your appraisal promptly,a Number each item. b Triple space between items This allows space for insertion of earnings such as accrued interest. and dividends and for modification of any incomplete descriptions This also makes the. attachment easier to read which facilitates processing. c Try to group common items together For example list all real property organized by county all. stocks in alphabetical order and all bonds in alphabetical order If there are Series E EE or H. bonds list them grouped by issue date in chronological order. d State whether the interest in the property is separate community or quasi community and. whether the interest is 100 one half or some other fraction. e List and describe all assets of the estate as they existed as of the applicable date to be appraised. either date of death in probates or date of appointment in conservatorships and guardianships. For example A decedent owned a duplex at the time of his death The personal representative. sold the property after the decedent died but prior to the completion of the Inventory and. Appraisal and placed the proceeds in a bank account The Inventory and Appraisal must show. the real property duplex on Attachment 2 The personal representative should not list the cash. proceeds in the bank on Attachment 1 because the cash from the duplex sale did not exist at the. date of death The same holds true for securities or other property sold after the decedent died. but prior to the completion of the Inventory and Appraisal. f Number the pages of each attachment separately since they are completed by different. individuals for example Attachment 1 page 1 of 1 and Attachment 2 page 1 of 2 etc. WHAT DOES NOT GO ON THE INVENTORY AND APPRAISAL, In most cases the following are NOT assets of the estate and do NOT belong on the Inventory. Insurance proceeds payable to named beneficiaries or individual retirement accounts payable to named. beneficiaries, Totten trust accounts bank accounts set up in trust for or ATF.
Assets held in joint tenancy with others or accounts held in POD payable on death or TOD transfer on. death designation,Property held in a trust,Out of state property rules. a Out of state real property is always excluded However an informational schedule is required for. Conservatorships, b As a general rule out of state tangible personal property is included such as furniture a boat stock. cooperative or an automobile located in another state. c All intangible personal property of a California resident is always included this includes such things as. stocks partnership interests or insurance proceeds wherever located. DIFFERENCES BETWEEN INVENTORY APPRAISALS IN CONSERVATORSHIPS AND. PROBATE ESTATES 1, PC 2610 c provides that the property described in the conservatorship inventory shall be appraised in the. manner provided for the inventory and appraisal of estates of decedents However there are important differences. between the inventory and appraisal in a conservatorship matter and one in a probate administration Some of the. key differences are as follows, This material is reproduced from California Conservatorship Practice copyright 2011 by the Regents of the. University of California Reproduced with permission of Continuing Education of the Bar California For. information about CEB publications telephone toll free 1 800 CEB 3444 or visit their Web site CEB com. References to specific paragraphs refer to CEB California Conservatorship Practice. Time for filing inventory, Conservatorship Ninety days after appointment of a conservator of the estate PC 2610 a.
Probate estate Four months after letters are first issued to a general personal representative PC 8800 b. Valuation date, Conservatorships Assets are valued at the date letters are first issued to a conservator either temporary or. general PC 2610 a Assets do not need to be reappraised when the temporary conservator becomes the. general conservator See PC 2255 b See also 6 37 6 42 Property that is discovered or acquired after. the inventory has been filed should be valued at the date the property is discovered or acquired PC 2613. Probate estate Property is valued at the date of death PC 8802 Property that is discovered or acquired. after the inventory has been filed must also be valued at the date of death PC 8801. Conservatorship Within 90 days after appointment the conservator must mail a copy of the Inventory and. Appraisal and a notice of how to file an objection to the conservatee attorney of record for the conservatee. conservatee s spouse or registered domestic partner conservatee s relatives in the first degree or if there. are no such relatives then the next closest relative unless the court determines that the mailing will result. in harm to the conservatee PC 2610 a Notice to the director of the Mental Health Department or the. director of Developmental Services is required if the conservatee is a patient in a state hospital under the. jurisdiction of the State Department of Mental Health or State Department of Developmental Services the. copy must be mailed not later than 15 days after the Inventory and Appraisal is filed with the court. Probate estate No requirement to mail the Inventory and Appraisal except to those who have requested. special notice PC 8803 and no requirement of sending notice of how to object If special notice has. been requested a copy of the inventory must be mailed to the requesting person not later than 15 days after. the inventory is filed with the court PC 1252 b, Assets included or excluded from inventory Out of state real property. Conservatorship Conservator should include out of state real property on an information schedule on the. inventory and estimate the value of the property See 10 8A. Probate estate Out of state real property should not appear on the inventory It should be dealt with in an. ancillary proceeding in the state where it is located See PC 12500 12591. Assets included or excluded from inventory Community property. Conservatorship Community property remains under the control of the spouse with capacity and is not. part of the conservatorship estate unless the spouse consents or the court orders its inclusion PC 3051. 3054 3055 3080, Probate estate Decedent s one half community property interest must be included on the inventory unless. the decedent died intestate and the surviving spouse or registered domestic partner chooses to proceed. using a spousal property petition PC 13650 rather than a probate proceeding PC 8850 c 13659. Assets included or excluded from inventory Joint tenancy property. Conservatorship All joint tenancy property should be inventoried and appraised The conservatee s one. half undivided interest in joint tenancy property should be reported on the Inventory If the conservatee s. interest was actually a greater or lesser interest in the property the correct interest should be reflected on. the inventory if it is known to the conservator For further discussion see 10 12 10 13 10 65. Probate estate In general joint tenancy property passes by operation of law is not subject to probate. administration and is not included in the inventory See e g CC 683 a PC 5100 5407 Veh C. 4150 5 a 5600 5 a, Assets included or excluded from inventory Assets that generate annual income. Conservatorship The court in a conservatorship matter needs to be aware of all of the conservatee s assets. and sources of income See e g 10 62 10 64 10 68 10 68A The conservator should inventory public. benefits annuities pensions or life insurance policies at either 1 or the estimated annual income and. also include those assets on the accounting schedules showing the beginning assets on hand and the assets. on hand at the end of the account period See 19 13. Probate estate All non cash assets are valued as of the date of death PC 8802. WHAT GOES ON ATTACHMENT 1 PC 8900 8901, Attachment 1 contains the items that can be appraised by the personal representative These include only the.
Money and other cash items A cash item includes checks drafts money orders or similar instruments. issued on or before the date of the decedent s death or date of appointment that can be immediately. converted to cash on a dollar for dollar basis that is the value does not fluctuate Rare coins currency or. foreign currency are not cash items, The following checks issued after the date of the decedent s death or date of appointment. 1 Checks for wages earned before death, 2 Refund checks including tax and utility refunds and Medicare medical insurance and other. health care reimbursements and payments, Cash type accounts in financial institutions including a checking account savings account certificate of. deposit share account mutual capital certificate and other like arrangements provided the value does not. fluctuate This would also include money market accounts The exceptions to being reported on Attachment 1. are traded CD s the term of which is greater than one year and or may have a CUSIP number. Cash deposits and money market funds or accounts whether in a financial institution or otherwise including a. brokerage cash account Note A money market fund is an account where the per share value is a static 1 00. If the per share value is more or less than 1 00 then it is a security and must be listed on Attachment 2. Proceeds of life and accident insurance policies retirement plans and annuities payable on death to the estate. in lump sum amounts, On Attachment 1 the estate representative fills in the value of each such asset The value is the same as the cash. value as of date of death or date of appointment including accrued interest see Appendix B. WHAT GOES ON ATTACHMENT 2 PC 8902, Attachment 2 must list all other assets except those shown on Attachment 1 The Probate Referee appraises.
everything except the items that go on Attachment 1 On Attachment 2 the valuation column is left blank as the. Probate Referee will fill in these values see Appendix C. LISTING PARTICULAR ASSETS, In each property type example below there are two sections. 1 What goes on Attachment 2,2 What the Probate Referee needs to know. Items listed under What goes on Attachment 2 must be included on the attachment as part of the. property description See Appendix C for examples, Additional information requested under What the Probate Referee needs to know should be provided. to the Probate Referee in a letter or by providing copies of the needed documents when sending the Inventory. THE IMPORTANCE OF COMPLETE INFORMATION, Generally speaking any material fact that might affect the value of an asset should be disclosed to the. Referee in a letter submitted with the Inventory Appraisal This might include. 1 Details of ANY possible contamination or any known damage not immediately apparent For example if. a gas station used to be operating on the property there may be toxic contamination or underground. storage tanks which would need to be addressed in the appraisal process. 2 A list of improvements or construction completed prior to or after the date of death. 3 Whether a prior appraisal of the property was completed copy should be included. 4 Details on any options or leases affecting the property. 5 Whether the land is under a Land Conservation Contract Williamson Act agricultural preserve or. subject to a conservation easement,6 List any maintenance fees.
7 Details of any pending offers for the sale of the property. 8 Directions and or landmarks to identify remote properties. REAL PROPERTY, VACANT LAND AGRICULTURAL CONDOMINIUM AND SINGLE FAMILY RESIDENTIAL. What goes on Attachment 2, The entire legal description must be included Do not use the abbreviated legal description found on. property tax bills A title insurance company may delay closing of a pending escrow or worse refuse to insure. title to the property upon sale if the proper legal description is not included This can result in cancellation of the. sale or loss of the buyer The exact legal description is found on the most recent deed and can be obtained from. title insurance companies or your local county recorder A well presented description will include the following. information,1 Percentage interest owned by the estate. 2 Complete legal description Note the legal description can be quite lengthy. 3 Common street address if there is one,4 Assessor s Parcel Number. 5 Description of property i e commercial single family residential condominium agricultural groves. unimproved land mining etc,What the Probate Referee needs to know.
See discussion of THE IMPORTANCE OF COMPLETE INFORMATION above. RESIDENTIAL INCOME COMMERCIAL INDUSTRIAL PROPERTY,What goes on Attachment 2. The entire legal description must be included Do not use the abbreviated legal description found on. property tax bills,1 Percentage interest owned by the estate. 2 Complete legal description,3 Common address,4 Assessor s Parcel Number. 5 Description of property i e apartment duplex triplex commercial industrial warehouse store. shopping center etc,What the Probate Referee needs to know. The necessary supporting data which should also be transmitted varies according to the type of property. The following is offered as a general guideline for income producing real property. 1 Rental income and expense schedules for 3 years prior to the date of valuation If separate. income tax returns or income tax schedules have been filed for the property copies of the. schedules are sufficient, 2 Provide a current rent role for each unit and the unit descriptions i e four 2 bedroom one bath.
units rented for 600 00 per month or six office units with 500 square feet each renting for. 700 00 per month, 3 List any periods in which units were vacant during the last year. 4 Provide copies of leases or summaries of essential lease terms for each unit. 5 If a CPA or accountant is familiar with the property please provide his or her name address. and phone number See also discussion of THE IMPORTANCE OF COMPLETE. INFORMATION above,STOCK COOPERATIVES,What goes on Attachment 2. 1 A description of the asset which is sufficient for transfer of title which generally consists of a number of. shares in a stock cooperative corporation, 2 The full address of the property in which there is a right to reside including the unit or apartment number. What the Probate Referee needs to know, See discussion of THE IMPORTANCE OF COMPLETE INFORMATION above.

Related Books

Personal Financial Assessment - Balance PRO

Personal Financial Assessment Balance PRO

Personal Financial Assessment. 1 BALANCE offers financial information and counseling nationwide to help individuals and families make the most of their money. We offer solutions for those experiencing a financial crisis, suggestions and guidance for those facing money challenges, and practical information for those considering financial opportunities. Each year, we help thousands achieve their ...

Personal Assessment Tool -

Personal Assessment Tool learn state fl us

PERSONAL ASSESSMENT TOOL RevenueU Professional Development Use these assessments to help you identify personal preferences or find ways to

RF Power Amplifiers for Wireless Communications, 2nd Edition

RF Power Amplifiers for Wireless Communications 2nd Edition

Power Amplifiers for Wireless Communications, Second Edition, make no warran-ties,expressedorimplied, thattheequations,programs,andproceduresinthisbook oritsassociated softwareare freeoferror,orare consistentwithany particular stan-dard of merchantability, or will meet your requirements for any particular applica-tion. They should not be relied upon for solving a problem whose incorrect ...

Journal of International Education Research First Quarter ...

Journal of International Education Research First Quarter

Third Culture Kids (TCKs) transition becomes challenging for both the student and the school. The programs implemented, or lack thereof, are imperative to the successful transition of TCKs into their new, diverse, multicultural environment.

Aida -

Aida cdn 5c3e2ea3f911c809944bca02 closte com

Stamped cross stitch pattern - This type of pattern is stamped directly onto the fabric and you stitch over it. Sampler - A type of cross stitch pattern made up of a variety of stitches. Motif - A small cross stitch pattern, usually of a single item such as a Christmas Tree or a bird, used to make Christmas cards or add onto clothes etc.

Regulatory Impact Assessment Banking

Regulatory Impact Assessment Banking

Regulatory Impact Assessment Banking March 2016 Regulatory Intelligence Group For private circulation only 1. Contents Preface 3 Our point of view on key RBI guidelines issued in January 4 Other guidelines issued by RBI during the month 12 Contacts 18. With most of the PSU and Private bank reporting significantly high numbers of NPAs, it highlights the current economic stress ...



How to Invent by the NCMR Method 2012 Instructor: John R. Andrew, P.E. PDH Online | PDH Center 5272 Meadow Estates Drive Fairfax, VA 22030-6658 Phone & Fax: 703-988-0088 An Approved Continuing Education Provider



ENTREPRENEURSHIP EDUCATION IN NIGERIAN TERTIARY INSTITUTIONS: A REMEDY TO GRADUATES UNEMPLOYMENT Dr. Nwite Onuma Department of Educational Foundations Faculty of Education, Ebonyi State University (EBSU) Abakaliki ABSTRACT: Study investigated exposure of under-graduates students to entrepreneurial education for post-graduation job creation ability. The population consisted all the final year ...



EVALUATION OF THE IMPACT OF ENTREPRENEURIAL CHARACTERISTICS ON THE PERFORMANCE OF SMALL SCALE MANUFACTURING INDUSTRIES IN NIGERIA Adegbite, S.A.1; Ilori, M.O.2; Irefin, I.A.2 and Abereijo, I.O1; Aderemi, H.O.S.3 1 Centre for Industrial Research and Development, Obafemi Awolowo University, Ile-Ife, Nigeria. 2 Technology Planning and Development Unit, Obafemi Awolowo University, Ile-Ife, Nigeria ...

The Effect of Higher Compression Ratio in Two-Stroke Engines

The Effect of Higher Compression Ratio in Two Stroke Engines

The Effect of Higher Compression Ratio in Two-Stroke Engines Yuh Motoyama and Tohru Gotoh Yamaha Motor Co, Ltd. The effect of higher compression ratio on fuel consumption and power output was investigated for an air-cooled two-stroke motorcycle engine. The results show that actual fuel consumption can improve by 1-3% for each unit increase of compression ratio over the compression ratio range ...