Probate Law for People Who Left $150,000 or Less

Losing a loved one is never easy but it always eases some of the family’s pain when the deceased person has detailed what they want to happen with their assets in the future. Hopefully, your loved one has prepared a will and an executor to that will. This makes it simpler for the family members who are wondering where each asset will end up and have an idea of the beneficiaries. A lot of people aren’t aware of exactly the amount of money and assets that their loved one has left behind.

In California, there are different procedures for the surviving family members are to do after the death of a loved one depending on the value of their estate. In some situations, you may not have to go to probate court depending on the estate’s value. This is generally the case when the value of the estate is less than $150,000. You have the option to use a simplified process that will allow you to easily transfer the inherited property into your name. You can do so by writing an affidavit as long as the value of the assets does not exceed $150,000 and the death took place at least 40 days ago.

In order to determine whether the value of the property is worth $150,000 or less, you will have to include all real and personal property, as well any benefits that came through life insurance and retirement that are paid to the estate. You should only include the real property that is located within the state of California. It is important to be aware that you are not to include boats, cars, or mobile homes, property owned in joint tenancy, bank accounts owned by more than one person, as well as a few other types of property.

If you have questions about how you can go through a simplified probate process when a loved one passes away, you should consult with an experienced California wills, trusts, and estates attorney today.

If you need the dedicated legal representation for wills, trusts, and estate matters in California, contact the Law Offices of Yacoba Ann Feldman to schedule a consultation.