Probate or No Probate
When is Probate Real Estate Needed?
When is probate needed is the common question that is usually asked when a loved one passed away. A probate is a legal process in which a will is reviewed to determine its authenticity. Probate also refers to the general administering of a decedent's will or the estate of a decedent without a will. It is the first step taken in administering the estate and distributing the assets to beneficiaries. The information below will give you a general idea of when a real estate can potentially go through probate. For specific information, please consult a probate attorney. Probate Solution OC can refer you to an experienced probate attorney if needed.
Common Assets that go through probate:
In general, probate is necessary only for property that was:
- Owned solely in the name of the deceased person. For example cash; cash accounts without TOD (transfer on death) designations; personal property, including valuable items; real estate; assets that allow naming of beneficiaries, but for which none have been named; or properties titled in that person’s name alone.
- A share of property owned as “tenants in common”. For example, the deceased person’s interest in a warehouse owned with his business partner as an investment.
A probate court proceeding may not be necessary when:
Some assets, such as investment accounts with transfer on death (TOD) designations and retirement accounts, allow beneficiaries to be named. These accounts or assets with named beneficiaries may be transferred without going through probate.
- Property and assets held in a living trust.
- Property and assets held in "Joint Tenancy with Right of Survivorship".
- Property held in "Community Property with Right of Survivorship".
- Property filed with designations as “Payable on Death” (POD) or “Transfer-on-Death” (TOD).
- Small estate with a value of less than $150,000.
- Separate property with Will stating the surviving spouse gets the property, then a Spousal Petition may be filed at court and no probate is needed.
- Accounts that allow for the naming of beneficiaries such as IRAs, 401(k)s, or 403(b)s, equity compensation like stock options.
There may not be much you can do to avoid going through probate when a loved one passed away, but it helps to understand the process as you work with an attorney or a tax advisor.
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WHAT IS THE NEXT STEP?
What Is The Next Step?
If you have already received the Court Order and the Letters Testamentary or Letters of Administration, you should contact Probate Solution OC now for a probate comparative market analysis PCMA and a one-on-one consultation of your property. All at NO cost to you.
If you have not received the Court Order nor the Letters, let us know if there is anything we can help you with.
For more information, visit Superior Court of California County of Orange website at:
700 Civic Center Drive
West Santa Ana, CA 92801
