California law permits distribution of smaller estates through a simplified probate process using an affidavit. In other words, an estate and its executor can avoid a lengthy and expensive probate court process and instead get the estate resolved more quickly and relatively cheaply.
What Is a Small Estate Affidavit?
You can use a small estate affidavit in California if specific assets in the estate of a deceased person are worth less than $150,000 and if you are a beneficiary or executor of the estate. The assets to total up are the deceased person’s real and personal property, plus any life insurance or retirement benefits to be paid to the estate (not another beneficiary). Exclude the value of the following:
- Cars and other vehicles
- Real estate outside California
- Any property owned by joint tenancy
- Any property held in a trust
- Debts
If the total you come up with is less than $150,000, then you may be able to distribute the estate using a small estate affidavit (double check with a lawyer to see if any other exceptions apply). This affidavit does not have to be filed with the court and allows the property to pass to heirs without a formal probate court hearing and notice.
How Do You Use a Small Estate Affidavit?
You will need to fill out a California small estate affidavit form to get started. The affidavit also needs to be notarized. Depending on which assets need to be distributed, you might even need several kinds of affidavits for different financial institutions.
Along with the affidavit, you need to gather the death certificate, an inventory of any real estate that the deceased person owned, proof of the deceased person’s ownership of the assets, and proof of your identity. Again, financial institutions and others may ask for more information depending on the situation.
If you believe that an estate can be distributed using a small estate affidavit, you may want to speak briefly with a probate lawyer to confirm that you are correct. This could avoid legal complications later on, and the lawyer could even prepare the affidavit for you.
Dealing with a deceased relative’s estate? Look to Janet Brewer, Esq. for thorough and thoughtful estate distribution advice. Janet’s more than 20 years of legal experience will give you confidence and peace of mind. To schedule a “Get Acquainted” meeting, visit Janet's website or call her office at (650) 469-8206.
Comments