Written by Certain estates must go through formal probate due to their complexity or value. Identifying these situations can help determine when this route is necessary. Understanding the criteria for formal probate ensures a smoother and legally sound transfer of assets.
Assets That Don’t Qualify A Simple Transfer
Simplified procedures, such as small estate affidavits, allow for a quick transfer of assets without court involvement. Some examples include assets in a trust and properties held in joint tenancy with rights of survivorship.
Formal probate is necessary when an estate includes solely owned real estate, business interests, or significant investments. These assets need a thorough legal review and proper transfer of ownership, which simple processes can’t handle.
Property Exceeds Statutory Limit
Another reason formal probate is necessary is when the estate’s value exceeds California law’s statutory limit of $166,250. Estates valued above this amount require a formal process to ensure a comprehensive legal review and proper administration of the assets.
Several elements are taken into account when valuing an estate’s assets. These include real estate, bank accounts, investment portfolios, vehicles, and personal property. Life insurance policies and retirement accounts without designated beneficiaries also contribute to the total estate value.
A Los Angeles probate administration lawyer can help you understand the intricacies of this requirement. Identifying whether an estate requires formal probate is the first step in ensuring a proper legal process. Once an estate is determined to go through this, the next step is to navigate the administration process.
Los Angeles Probate Attorneys
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Los Angeles, CA 90071
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https://www.LosAngelesProbateAttorneys.com/