After a loved one passes away, you may be tasked with the job of administering their estate. Unfortunately, the probate administration process can take a great deal of time. One way to speed up the process is to utilize a simplified probate process available to those with small estates. When an estate has a value that amounts to less than $150,000, you are able to take advantage of the simplified probate administration process.
Are You Dealing With a Small Estate?
Calculating the value of the estate in order to determine whether you can make use of the simplified probate proceedings is not as simple as counting up every asset. The following, is a list of assets that are not included in the calculation of an estates value.
- Assets held in a joint tenancy (Ex. real estate, bank accounts, and motor vehicles)
- Real estate located outside of the state California
- Property that passes outright to a surviving spouse
- Life insurance policy proceeds
- Death benefits
- Assets that are not subject to probate that pass to named beneficiaries. An example would be an IRA account that has a named beneficiary. This asset passes automatically to the intended recipient without requiring court oversight.
- Multiple-party accounts
- Payable-on-death accounts
- Registered manufactured or mobile homes
- Numbered vessels
- Registered motor vehicles
- Salaries not amounting to more than $15,000
- Any amounts that are due to the decedent for their services in the armed forces
- Property held in a revocable or irrevocable trust
For assistance deciding the best way to administer a probate, we can help. We encourage you to contact us today at (888) 443-6590 for more information.