Formal probate is not always necessary. Perhaps your loved one took steps to avoid probate, making use of trusts or other estate planning tools. Even if they did not, it still may not be a requirement to go through formal probate.
In California, a “small estate” can go through a simpler form of probate and estate administration. Here are three questions to answer when determining if the estate is small.
What does the law say?
When faced with your loved one’s assets after they pass, the estate may not seem small at all. There might be a long list of assets to address. However, an estate is considered small under the Probate Code only by its value. As the Judicial Branch of California explains, an estate with a value of $184,500 or less is a small estate.
What does that mean?
There is a chance that a small estate may not have to go through the formal probate process. Of course, there are more details you must evaluate when determining the route forward. However, a small estate could go through a more simplified process.
What should you do?
You should not assume the estate can qualify for the simplified process of administration. As the personal representative of your loved one’s estate, there are two critical steps to take, involving:
- Information: The moment you find out your loved one named you the personal representative or executor of their estate, you should take time to study up on what that means. Research the rules in California, your responsibilities, the steps of estate administration and the conditions that could qualify the estate as small. Contact a trusted probate attorney if you have any questions.
- Inventory: The first step, regardless of whether your loved one’s estate will require formal probate or not, will be to take a detailed inventory of the estate. It is important to get the details the estate in order, so you can determine how you move forward. Taking inventory of your loved one’s assets – and debts – will be key to determining which process you should use.
Once you have the legal and estate-specific information you need, then you can move forward. The entire process of estate administration, whether it is formal probate or not, can be complex. It can be beneficial to obtain guidance to prepare for the next steps.