How to Determine Small Estates in California?
Determining whether an estate qualifies as “small” in California involves several steps. This process ensures that it meets specific criteria, allowing it to benefit from simplified legal procedures for transferring the assets of a deceased family member.
Gather Information
The first step is to gather comprehensive information about the deceased’s assets. These include real estate, bank accounts, stocks, bonds, personal property, vehicles, and other valuables. This requires meticulous consideration, as every qualifying asset contributes to the estate’s total value.
Exclude Non-Qualifying Assets
Once you have a complete list of assets, the next step is to exclude non-qualifying ones. These exclusions are the properties held in joint tenancy and accounts with designated beneficiaries. Additionally, assets held in a living trust are not included in the estate’s value for probate purposes.
Compare To The Threshold
After excluding non-qualifying assets, the next step is to calculate the total value of the remaining assets. In California, as of 2024, an estate qualifies as a small estate if its value is $184,500 or less. Compare the total value of the qualifying assets to this threshold. If the total value is within or below this limit, it qualifies as a small estate.
Understanding whether an estate qualifies as small in California is the first step in accessing streamlined processes. Once you have determined that the assets meet the criteria, you can utilize simplified procedures for an easy legal transfer.
