News and Updates for Executors and Trustees
Good News for California Executors
Effective January 1, 2012, more executors in California can take advantage of streamlined "small estate" procedures to transfer property to inheritors. These procedures are easier, faster, and cheaper than regular probate court proceedings. The new dollar limit to qualify as a small estate, as of 2012, is $150,000. So if the total value of all the property that would otherwise need to go through probate court proceedings doesn't exceed $150,000, the probate shortcuts for small estates are available.
California has also raised the limit on real estate that can be transferred without probate, to $50,000. Although far below the value of the typical California house, time shares or unimproved lots may still qualify. All the inheritors have to do, to transfer title into their names, is file an affidavit (sworn statement) in superior court.
See Nolo.com for additional articles.