The Estate Planning Lawyers at Ainer and Fraker explain how the Petition to Determine Succession to Real Estate in California might replace the complete probate process for Estates less than $150,000.
In our previous posts, we talked about why Avoiding Probate is an excellent concept.
We also went over how specific Assets Not Subject to Probate can prevent the Probate process, in particular conditions.
An earlier post went over the California Small Estate Affidavit procedure, whereby personal effects less than $150,000 could be dealt with without court guidance.
Since January 1, 2012, the California Probate Code was modified to consist of real estate less than $150,000 in the California Small Estate process. This new rule applies retroactively to all Estates filed after January 1, 2012, no matter when the Decedent passed away.
California Probate Code Section 13150 et seq. permits 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, listed in California Probate Code Section 13100 – which is an affidavit-based procedure that is completely free of court guidance, the process for Real Estate specified in this Area does need submitting a Petition with the Probate Court.
Nevertheless, the process described in California Probate Code Section 13150 et seq. is NOT a complete probate, and is far more economical and usually far quicker than a complete probate.
Contact a Trust Administration Lawyer 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.