Ryan J Orr/Team Title Guy Podcast
Ryan J. Orr 909-767-0718 of www.TeamTitleGuy.com and Fidelity National Title leads in his industry through education and being a strategic business partner. The podcasts here are about Real Estate Industry trends and tips to grow your business! We will also, be grinding out information on Marketing, Branding, and getting involved in our local communities! I believe that LUCK is where hard work meets opportunity, so, #CreateYourOwnLuck! As a Vice President for Ticor Title, I have been in the industry since 2002 & I have seen the best, & worst of markets. If have found it be imperative to lock in on our industry needs to be a true asset for our clients in varying capacities. Gone are the days of being able to be an order taker, or solely an entertainer! In our industry pricing and product does not separate us much, however, it is truly about a few key points, knowledge, professionalism, & sustainability! It is imperative that we set ourselves apart, and that is what my team & I do.Client First… Do what you say, and say what you do.I have learned through the years that almost every file is unique, and that our transactions do not close in a vacuum. Having a solid team has been imperative to our continued success!We are where our clients are, and focus on adding value to each and every transaction! We believe in getting involved in our professional associations and communities. We add to extensive knowledge and resourcefulness to our X factor. At the end of the day, we are truly competing with ourselvesWe believe that we can provide our clients insight & value that help us both win. We do this by saving time, money & closing more transactions. We believe that we are the best in the biz, we are an asset to all that work with and will in the future!We are your resource for all things real estate related! NO QUESTION is too big or small!Another key for us is training and education! Please know that we have monthly scheduled trainings, and we can do one on one, small group, and in-office training classes! Ask for a list of classes we can do for you and your team!
Ryan J Orr/Team Title Guy Podcast
Probate, Real Estate & the recent updates on it as well!
Key Legal Changes Effective April 1, 2025 (AB 2016):
Simplified Probate for Primary Residences: A significant change allows for a simpler process to transfer a primary residence valued up to $750,000 without going through full formal probate, provided the death occurred on or after April 1, 2025. This is a substantial increase from the previous limit.
Increased Small Estate Thresholds: The total value of an estate (excluding the primary residence up to $750,000 under AB 2016 provisions) that can be administered using summary procedures (like Small Estate Affidavits) is increasing. The general maximum estate value for collecting personal property without full probate is rising to $208,850 for deaths on or after April 1, 2025. The limit for real property of small value is also increasing to $69,625.
"Effective April 1, 2025, for dates of death occurring on or after April 1, 2025, several changes to the law will permit even more decedents’ estates to be administered using summary procedures." - "What You Need to Know About AB 2016: 3 Changes to Probate Law Coming in 2025 - Absolute Trust Counsel"
"A new law in 2025 raised the limit for real property to $750,000, but only if it was the person’s main home in California." - "When formal probate may not be needed | California Courts | Self Help Guide"
The Formal Probate Process (When Necessary):
Probate is necessary when a person dies with assets that are not in a trust, jointly owned with right of survivorship, or have named beneficiaries.
Letters of Administration/Testamentary: These are court-issued documents granting the administrator or executor the authority to act on behalf of the estate, including selling property. Escrow cannot close without certified copies of these letters. "escrow cannot close until the letters have been issued by the court and certified were recording..." - "Probate & Real Estate from Title/ Legal Perspective"
Full vs. Limited Authority: Full authority allows the administrator/executor to sell property without returning to court for permission, requiring only a Notice of Proposed Action. Limited authority requires a court-approved report of sale, which can involve a court auction. Full authority is generally preferred and faster.
Probate Referee: A court-appointed appraiser who independently values the property to ensure it's being sold at a fair price.
Avoiding Pitfalls:
Dealing with squatters (often family members) can be challenging; eviction is difficult and time-consuming. Working out agreements and potentially using short-term loans for occupants are recommended strategies. Pending foreclosures require immediate action to notify the lender of the probate filing to halt proceedings.
Transfer on Death Deeds:
While they allow for direct beneficiary designation on a deed, they are viewed with some caution by legal and title professionals due to the relatively new nature of the law and potential complications, including questions of the grantor's capacity at the time of signing and the need for clearance from the California Department of Health Services.
In conclusion, navigating California's estate planning and probate landscape requires careful attention to legal requirements and proactive planning. The changes taking effect in 2025, particularly regarding simplified probate for primary residences, offer new opportunities for efficiency, but understanding the nuances of these laws and the probate process remains critical. Consulting with experienced legal and real estate professionals is highly recommended to ensure assets are managed and transferred according to one's wishes while minimizing potential complications and costs.