(PRWEB) June 28, 2013
Heirs of a relative who has died with assets less than $150,000 can obtain the assets of the decedent without probate or with a probate shortcut. An overview of California Small Estate administration is provided in this tip sheet by Mark W. Bidwell, a California attorney.
Stock and bank accounts can be transferred by a declaration submitted to the financial institution holding stock or bank account. Real property valued at less than $50,000 can be transferred by affidavit filed with the Superior Court of California. Real property valued more than $50,000 but less than $150,000 can be transferred by one court hearing.
An extremely powerful tool to collect the bank and brokerage accounts of a relative who has died is California Probate Code §13100. This law provides for the collection of the personal property, including bank and brokerage accounts, of a decedent by affidavit or declaration made under penalty of perjury. The affidavit or declaration is made by the decedent’s “successors,” persons succeeding to the property by will or intestacy. The affidavit or declaration is provided to the financial institution holding the account. By law upon receipt of the declaration the financial institution is legally obligated to turn over the account.
Real Property under $50,000 may be transferred by affidavit filed with the Superior Court of California. No court hearing is needed. Real property of this value is typically land, timeshares and homes in rural areas. Often real property of minimal value is omitted in trust funding. An affidavit is a great pick-up tool for omitted real property in a trust.
Real Property greater than $50,000 but less than $150,000 can be transferred by one court hearing. A petition is prepared, a hearing date is scheduled and heirs are notified. After the hearing the court order is filed with the county recorder. The filed court order allows for a subsequent quit claim deed to change ownership on the public record. The quit claim deed transfers real property from the decedent to the heirs.
More information is available at the website http://www.Californiasmallestate.com. This website is maintained by Mark W. Bidwell. His office is located at 18831 Von Karman Avenue, Irvine, California 92612. Phone number is 949-474-0961.