If a loved one recently passed away and you’re handling the probate of their estate, California has implemented an important change in probate policy that you must know. Ordinarily, property from the decedent’s estate passes to their heirs through the full probate process. In the case of a “small estate,” however, probate may be simplified.
Every three years, the state raises the maximum values for various “small estate” probate matters. This last occurred on April 1, 2022, and it will occur again in 2025. Specifically, the maximum values for the disposition of an estate and settling the estate aside without undergoing the full probate process have increased.
Let’s take a look at these values and how they have changed.
Disposition of an Estate Without Administration
In cases where assets belonging to the estate fall below a certain threshold, they may be handled differently during probate as components of a small estate.
Property Excluded from Determining the Value of an Estate
As of April 1, 2022, a decedent’s salary or other forms of compensation owed to them may be excluded if the total compensation is less than $18,450.
Affidavit for Collection, Receipt, or Transfer of Personal Property
To be considered part of a small estate, the decedent’s personal (excluding unpaid compensation as described above) must not exceed $184,500.
Affidavit for Succession to Real Property of Small Value
All real property belonging to the decedent’s estate in California must not exceed $61,500 in gross value.
Have Questions About Probate? Ask Our Attorney Today.
When it comes to probate matters, the Law Office of Mitchell A. Port is here to help. We have extensive experience in this area and can provide assistance for any type of case or transaction you may encounter during the probate process.
Learn more about how we can help during a free phone consultation. Call (310) 526-3433 now for assistance.