How Do You Prepare a Schedule of Assets in California? (Part 2 of 2)

What is a Schedule of Assets?

In a previous article, we described how the estate representative should start the process of listing the decedent’s property on a Schedule of Assets and whether or not the different assets have to go through the California probate process.

After the representative has completed the inventory under the heading “Description of Assets,” they can start working on other columns:

An Examples of a Schedule of Assets.

  • Value of each asset: The value should be determined at the date of death along with the gross value without regard to any amount owed to third parties. For real property, start with a fair market value. This will be subjected to correction by a referee if the property has to be probated.
  • Type of ownership:
    • Separate property
    • Community property
    • Joint tenancy
    • Tenancy in common
    • Life tenancy
    • Trustee of a trust
  • Part owned by the decedent: If the decedent was married or in a domestic partnership, his or her share of property held in community is usually 50 percent. If a couple owned in community a fraction of third-party property, the decedent’s share will be one-half of that fraction. The decedent may also own a share of a business venture, a boat, a ranch, hunting rights, insurance benefits that the representative will need to examine closely. Therefore, note that if the decedent owned joint tenancy property with someone who is not a spouse or domestic partner, the decedent’s share should be listed as 100 percent, because the IRS presumes this to be the decedent’s share for estate tax purposes. At a later stage, the decedent’s real value goes to the IRS for correction.

Talk to San Diego estate planning and probate attorney Scott Grossman about your situation and the questions you have. Call our lawyers at (951) 683-3704 or (866) 840-0000 for your FREE 30-minute telephone consultation. Also, order our FREE book The Insider’s Guide to California Probate and Trust Administration.

 
Scott Grossman

Scott Grossman

Attorney

The Grossman Law Firm, APC · 525 B Street, Suite 1500, San Diego, CA 92101 · (951) 523-8307