Calculating an Estate’s Value for Simplified Probate

 
Scott Grossman

Scott Grossman

- Attorney


Scott Grossman is certified by the State Bar of California Board of Legal Specialization as a specialist in Estate Planning, Trust, and Probate Law. He represents clients in cases throughout California.

 

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.

  1. Assets held in a joint tenancy (Ex. real estate, bank accounts, and motor vehicles)
  2. Real estate located outside of the state California
  3. Property that passes outright to a surviving spouse
  4. Life insurance policy proceeds
  5. Death benefits
  6. 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.
  7. Multiple-party accounts
  8. Payable-on-death accounts
  9. Registered manufactured or mobile homes
  10. Numbered vessels
  11. Registered motor vehicles
  12. Salaries not amounting to more than $15,000
  13. Any amounts that are due to the decedent for their services in the armed forcesSimplified Probate
  14. 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.

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