The Estate Planning Lawyers at Ainer and Fraker discuss how the Petition to Determine Succession to Real Estate in California might replace the full probate process for Estates less than $150,000.
In our previous posts, we talked about why Avoiding Probate is an exceptional concept.
We likewise went over how particular Assets Not Subject to Probate can prevent the Probate process, in specific circumstances.
An earlier post went over the California Small Estate Affidavit procedure, where assets less than $150,000 might be dealt with without court supervision.
Since January 1, 2012, the California Probate Code was modified to include realty less than $150,000 in the California Small Estate process. This new guideline uses retroactively to all Estates filed after January 1, 2012, no matter when the Decedent died.
California Probate Code Section 13150 et seq. allows for a Petition to Determine Succession to Real estate (and Personal Property) for estates of $150,000 or less.
Unlike the California Small Estate Affidavit Procedure, noted in California Probate Code Section 13100 – which is an affidavit-based procedure that is totally devoid of court supervision, the procedure for Real Estate specified in this Section does need filing a Petition with the Probate Court.
However, the procedure explained in California Probate Code Section 13150 et seq. is NOT a full probate, and is far less expensive and normally far quicker than a complete probate.
Contact an Estate Planning Attorney with Ainer and Fraker at www.AinerFraker.comright away to learn more about the Probate Code requirements for the Petition to Determine Succession to Real Estate in California.