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Faizan
In California, inheriting personal property after a person dies does not have to involve a drawn-out court process. If the property left behind is limited in value, the state of California offers a streamlined process, resulting in a relatively quick and easy transfer of an estate to the heirs and beneficiaries.
California Probate Overview
Regardless of whether a person dies with or without a will in California, his property normally must go through probate. Probate is a court-supervised process that involves appointing someone -- referred to as a personal representative -- to collect all of the probate assets, pay all debts and then transfer the property to the people entitled to receive it. Probate assets are those that do not transfer automatically at death. Examples of non-probate assets include life insurance proceeds, payable-on-death accounts and trust funds.
Small Estates
In California, inheritors can skip probate altogether in the case of small estates. Instead, all an inheritor has to do is prepare a short document, called an affidavit, stating that he is entitled to a certain asset. When the person or institution holding the property receives the affidavit and a copy of the death certificate, it releases the asset. You can obtain the affidavit from the probate court. To be eligible to inherit by affidavit, the total value of the deceased person's non-probate property must not exceed $150,000 as of 2014.
Completing the Affidavit
You can use a small estate affidavit only after at least 40 days pass from the day of death. However, if a probate proceeding is initiated during that time, you may not use an affidavit unless the personal representative consents to it in writing. Once the affidavit is complete, you must have it notarized and attach the death certificate and an appraisal and inventory of any real property owned on the date of death.
Collecting the Property
Once you execute the affidavit, you can present the document to the person or institution holding the personal property -- such as a bank -- and request the transfer to your name. All persons entitled to receive personal property, referred to as a "successors," must complete separate affidavits. It is important to note that while you can transfer real property valued at less than $50,000 by affidavit, there is a six-month waiting period for real property.
California Probate Overview
Regardless of whether a person dies with or without a will in California, his property normally must go through probate. Probate is a court-supervised process that involves appointing someone -- referred to as a personal representative -- to collect all of the probate assets, pay all debts and then transfer the property to the people entitled to receive it. Probate assets are those that do not transfer automatically at death. Examples of non-probate assets include life insurance proceeds, payable-on-death accounts and trust funds.
Small Estates
In California, inheritors can skip probate altogether in the case of small estates. Instead, all an inheritor has to do is prepare a short document, called an affidavit, stating that he is entitled to a certain asset. When the person or institution holding the property receives the affidavit and a copy of the death certificate, it releases the asset. You can obtain the affidavit from the probate court. To be eligible to inherit by affidavit, the total value of the deceased person's non-probate property must not exceed $150,000 as of 2014.
Completing the Affidavit
You can use a small estate affidavit only after at least 40 days pass from the day of death. However, if a probate proceeding is initiated during that time, you may not use an affidavit unless the personal representative consents to it in writing. Once the affidavit is complete, you must have it notarized and attach the death certificate and an appraisal and inventory of any real property owned on the date of death.
Collecting the Property
Once you execute the affidavit, you can present the document to the person or institution holding the personal property -- such as a bank -- and request the transfer to your name. All persons entitled to receive personal property, referred to as a "successors," must complete separate affidavits. It is important to note that while you can transfer real property valued at less than $50,000 by affidavit, there is a six-month waiting period for real property.
Posted in: Estate Laws
