California law offers a simplified probate process for small estates, allowing heirs to transfer assets more quickly and with fewer legal hurdles. This process reduces costs and time for families handling the affairs of a deceased loved one. Understanding the eligibility requirements and steps involved can help heirs navigate the process with ease.
Qualifying as a small estate
A small estate in California must meet specific value limits to qualify for simplified probate. As of 2024, the total value of the estate must be $184,500 or less. This amount includes real and personal property but excludes certain assets, such as those held in a living trust, jointly owned property, and assets with designated beneficiaries like life insurance or retirement accounts.
Using a small estate affidavit
If an estate qualifies, heirs can use a small estate affidavit to claim assets without going through formal probate. This document, also known as an affidavit for collection of personal property, allows rightful heirs to collect bank accounts, vehicles, and other assets without court involvement. The affidavit requires a waiting period of at least 40 days after the person’s passing and must include a sworn statement from the heir affirming their right to the property.
Transferring real property through a simplified process
Real estate valued at $61,500 or less can transfer through a streamlined process called a petition to determine succession to real property. Heirs must file a petition with the court and attend a hearing, where a judge will approve the transfer if all legal requirements are met. This process avoids the lengthy and expensive formal probate proceeding.
Using simplified probate procedures can save families significant time and money. By avoiding a full court process, heirs can receive assets faster, reducing financial burdens and stress. Understanding California’s small estate laws ensures that qualifying families can take advantage of these simplified options to settle an estate efficiently.