The Estate Planning Attorneys at Ainer and Fraker examine 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 prior posts, we discussed why Avoiding Probate is an excellent idea.
We likewise went over how particular Assets Not Subject to Probate can avoid the Probate procedure, in particular scenarios.
An earlier post talked about the California Small Estate Affidavit procedure, wherein personal property less than $150,000 might be disposed of without court supervision.
Since January 1, 2012, the California Probate Code was amended to include realty less than $150,000 in the California Small Estate process. This new policy applies retroactively to all Estates submitted after January 1, 2012, no matter when the Decedent passed away.
California Probate Code Section 13150 et seq. enables a Petition to Determine Succession to Real Property (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 totally free of court guidance, the procedure for Real Estate specified in this Area does require submitting a Petition with the Probate Court.
Nevertheless, the procedure described in California Probate Code Section 13150 et seq. is NOT a complete probate, and is far less costly and generally far quicker than a full probate.
Reach out to an Estate Planning Attorney at Ainer and Fraker at www.AinerFraker.comtoday to go over the Probate Code requirements for the Petition to Determine Succession to Real Estate in California.