New Law increases minimum amount required for California Probate Estate
A full Probate Estate administration in California to transfer assets after death can be quite costly, and may take a year or more to complete. By contrast, Summary probate administration is simpler and cost-effective, using an affidavit procedure or one-time court petition.
New legislation effective January 1st 2012 increased the amount of assets that may be collected by a summary proceeding from $100,000 to $150,000. The maximum value of real property that can be transferred by affidavit was raised from $20,000 to $50,000.
This new law will keep more estates out of the California probate court, avoiding expenses and delays after death.
Even if you have created a Revocable Trust, assets not properly transferred to your Trust may be subject to probate. Under the new law, assets outside of the Trust totaling up to $150,000 may now avoid the burdens of probate.
For more information, please contact our office at 530-272-4292 or via our updated website at www.jwilkerson.net.