There are two types of authority your attorney can ask for in your probate case under the California Independent Administration of Estates Act (“IAEA”). Which is better for YOU? I look at each case individually and make the decision that makes the most sense for you the client. There are counter-balancing issues on each side. Full IAEA is almost mandatory in some cases and is unnecessary in others. Let’s discuss….
“Full authority” basically allows the Personal Representative (“PR”) to do almost anything they want without prior Court approval. That’s not to say they won’t be subject to later questioning by the Court or a beneficiary but they can take care of business without delay. This includes selling personal property, selling stocks, and even selling r
So you just lost a loved one and now, to add insult to injury, you learn the house is upside down. That is, the house is worth less than your deceased loved one owes on it. Your first instinct, particularly if it’s the only “asset,” is to walk away. However, could you earn yourself some money and, at the same time, close out your loved one’s affairs in a proper way?
Well, you might have guessed that is a leading question. You might ask 10 or 20 probate attorneys about this and they may all tell you to walk away. However, I have personally used probate code section 10360, et seq., successfully since 2006 to reduce mortgages and get money into the pockets of the grieving loved ones!
How does this work you ask!?
Ok, let’s say your mom owned a house with a loan of $500,000 on it a