“The probate referee’s fees are set by law as a commission of 1/10th of 1 percent of the value of the property appraised by the probate referee, with a minimum fee of $75 (representing property having a value of $75,000) and a maximum fee of $10,000 (representing property having a value of $10,000,000).”

What is a probate referee appraisal?

A probate referee, in order to appraise the necessary property of an estate, will obtain information regarding the assets and debts of the estate from the trustee, executor or administrator. The necessary information is provided to the probate referee on a legal form that the probate referee must complete and sign.

What is inventory and appraisal?

Inventory & appraisal is a probate document that lists all the assets and their values. Any liquid assets, like cash, will be filled in by the executor or administrator and provide the date of death value.

How is a property valued for probate?

For probate purposes, the house’s value is defined as its open market value, which is what the property might reasonably fetch if it was sold on the open market to a (willing) buyer on the date of transfer.

What is a CA probate referee?

A probate referee in a California probate is someone appointed by the court to appraise or value a decedent’s property. To become a probate referee, you are required to pass an examination administered by the State of California. A probate referee also undergoes annual continuing education.

When do I need a probate referee appraisal?

Although a Probate Referee’s appraisal is required for probate, small estate petitions, conservatorships, and guardianship matters filed with the courts, the Probate Referee can also assist the trustees in non-probate trust matters.

Who is the probate referee in California State Court?

Probate Referees have served the courts, attorneys and the public for over 60 years. The Probate Referee is an Officer of the Court appointed by the California State Controller.

What happens to a house in probate in California?

However, unlike in a traditional sale, in an intestate probate bidding war, bidders must raise their offer in predetermined increments. For example, in California, a bidder must increase their offer by 5% with an additional $1,000 on top. If you are the executor you also become the home seller, so it is up to you to choose which offer to accept.

Why does an executor need an appraisal in probate?

Because so many aspects of the probate process call for knowledge of the cash value of estate assets, the executor is required to have the noncash assets appraised as part of that process. This portion of the site is for informational purposes only.