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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Rick: Do Bald Headed Guys........ Posted by Bill H on December 22, 2003 at 11:45 AM In Reply to: Re: Surplus funds of heirless (not posted by Rick H on December 22, 2003 at 8:09 AM : : : What happens to the post-auction $$surpluses (after all liens are paid) of a foreclosed property that is currently in probate administered by the County Public Administrator? : : : For that matter, what happens to any money left in an estate being handled by the Pub. Admin.? : : : If no heirs exist, or if no heirs care enough to become administrator, where does that money end up? : : ==================== : : Chris, : : The funds are held by the Public Administrator on behalf of the estate for a set period of time. After that the funds escheat to the State of California. : ++++++++++++++++++++++++++++++++++++++++++ : My understaning is that in California the funds are held for five years. The four month period immedately after obtaining letters of administration from the court are subject to payment of unsecured creditor claims. In addition to the normal credit card and funerial debt, the biggie to watch for is Department of Health Services (Medi-CAL), an agency that sometimes takes a large portion of, or even the entire estate, if the decedent received State funds to pay for medical treatment. If you're considering tracking down the heirs be aware that this can wipe out their inheritance pretty fast. : My experience has also been that these funds do get nibbled on pretty hard by everyone who has a hand on them, like the trustee's attorney who interplead's the surplus funds, etc. : Also, I learned first hand several years ago that the Public Administrators find it very profitable for their County budgets to administrate this estates since they charge the estate for both the attorney and personal rep. side of the equation. In one case, an attorney I work with regulary called me wanting to get money to bring an heir from Eastern Europe here to serve as Administrator for an estate worth about $40 Million. I never saw an administrator act so fast or work so hard to get control of that estate, since the fees were huge. As I am involved with probate full time in my business I get to see how poorly these agencies can sometime perform with a sausage-making inefficiency that you should never have to watch. Amazingly, the County P.A. for an estate that I service a second mortgage on has permitted the house to go into foreclosure some four times since I've had the file. It's just plain scarry! : There is a small but robust group of people who trace heirs, acting like detective/sleuths and research all kinds of facts and history in order to find these heirs in order to buy their inheritance at (deep) discounts. I've been at this probate game for nearly 14 years now and I've concluded that it's better to go after the hard assets, i.e., the real estate, because I can ascertain the equity with certainty. : Sorry. Like my 'ol Dad, you only asked the time and I built you a clock. Who are indeed "hairless" and are "Heirs" get less than fully maned guys who are "Heirs" with "Hair". Just wondered? Bill H Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : : What happens to the post-auction $$surpluses (after all liens are paid) of a foreclosed property that is currently in probate administered by the County Public Administrator? : : : : For that matter, what happens to any money left in an estate being handled by the Pub. Admin.? : : : : If no heirs exist, or if no heirs care enough to become administrator, where does that money end up? : : : ==================== : : : Chris, : : : The funds are held by the Public Administrator on behalf of the estate for a set period of time. After that the funds escheat to the State of California. : : ++++++++++++++++++++++++++++++++++++++++++ : : My understaning is that in California the funds are held for five years. The four month period immedately after obtaining letters of administration from the court are subject to payment of unsecured creditor claims. In addition to the normal credit card and funerial debt, the biggie to watch for is Department of Health Services (Medi-CAL), an agency that sometimes takes a large portion of, or even the entire estate, if the decedent received State funds to pay for medical treatment. If you're considering tracking down the heirs be aware that this can wipe out their inheritance pretty fast. : : My experience has also been that these funds do get nibbled on pretty hard by everyone who has a hand on them, like the trustee's attorney who interplead's the surplus funds, etc. : : Also, I learned first hand several years ago that the Public Administrators find it very profitable for their County budgets to administrate this estates since they charge the estate for both the attorney and personal rep. side of the equation. In one case, an attorney I work with regulary called me wanting to get money to bring an heir from Eastern Europe here to serve as Administrator for an estate worth about $40 Million. I never saw an administrator act so fast or work so hard to get control of that estate, since the fees were huge. As I am involved with probate full time in my business I get to see how poorly these agencies can sometime perform with a sausage-making inefficiency that you should never have to watch. Amazingly, the County P.A. for an estate that I service a second mortgage on has permitted the house to go into foreclosure some four times since I've had the file. It's just plain scarry! : : There is a small but robust group of people who trace heirs, acting like detective/sleuths and research all kinds of facts and history in order to find these heirs in order to buy their inheritance at (deep) discounts. I've been at this probate game for nearly 14 years now and I've concluded that it's better to go after the hard assets, i.e., the real estate, because I can ascertain the equity with certainty. : : Sorry. Like my 'ol Dad, you only asked the time and I built you a clock. : Who are indeed "hairless" and are "Heirs" get less than fully maned guys who are "Heirs" with "Hair". : Just wondered? : Bill H Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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