CA probate law outlines the probate process from start to finish. For most people, reading the law is the last thing they want to do particularly when they are dealing with the loss of a loved one. One of the most common questions people have regarding CA probate laws is: which assets will pass through the process? Here’s what you need to know.
Assets Most Often Required to Go Through the Process
First, under CA probate law, probate isn’t necessary if the total value of assets at the time of death did not exceed $100,000. If the worth of the estate is under $100,000 (and most estates are), there is a faster probate process that can be used. So, keep that in mind as you read through the assets most often required to be reported to the court.
- Assets held only in the name of the decedent.
- Half of each asset that is owned as community property with the decedent’s spouse.
- The decedent’s ownership interest in any asset owned as tenants in common with others.
- Personal property owned by the decedent that isn’t registered as such.
Assets Generally Not Required to Go Through the Process
Sometimes, only a portion of the decedent’s asset(s) will go through the probate process. There are also times where certain assets aren’t required to be reported to go through the process. The assets that generally do not go through the process include:
- Assets the decedent held in joint tenancy.
- Living trust assets.
- Life insurance when a beneficiary is named.
- IRA benefits when a beneficiary is named.
- Savings or checking accounts in the name of the decedent where a beneficiary is named or where the decedent is a trustee for someone else.
- Payable on death assets.
- Transfer on death assets.
- Assets being passed to the surviving spouse if the assets were held only in the name of the decedent with or without a will.
- Community property between spouses that have a right to survivorship. However, a spousal confirmation proceeding may still occur.
Get Your Inheritance Faster
If you’re looking to get through the probate process faster so that you can collect your inheritance, ProbateSimple may be able to help. Just answer a few simple questions through our chat box and we’ll let you know if our service could benefit you!