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For example, California has a "Small Estate Summary Procedure" to allow the summary transfer of a decedent's asset without a formal probate proceeding. The dollar limit by which the small estate procedure can be effectuated was $150,000 [34] before a statutory increase was implemented on a three-year schedule, [35] arriving at $184,500 by April ...
It is not unusual for an individual to serve as trustee alongside a bank trustee. Both individual and corporate trustees may charge fees for their services, [33] although individual trustees typically serve gratis when they are part of the settlor's family or the settlor him/herself. The term "co-trustee" may fool either the bank trust officer ...
California allows a person with a claim to assets in the estate of someone who has died to collect them without going through formal probate by using an affidavit for collection of personal ...
A testamentary trust provides a way for assets devolving to minor children to be protected until the children are capable of fending for themselves; [3] A testamentary trust has low upfront costs, usually only the cost of preparing the will in such a way as to address the trust, and the fees involved in dealing with the judicial system during probate.
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The borrower's equitable title normally terminates automatically by operation of law (under applicable statutes or case law) at the trustee's sale. The trustee then issues a deed conveying the legal and equitable title to the property in fee simple to the highest bidder. In turn, the successful bidder records the deed and becomes the owner of ...
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