California Probate Changes

Some good news for those of us who live in California and have to deal with the dreadful probate laws and expenses.  California is one of the most expensive probate states in the Union.

Effective January 1, 2012 a beneficiary can collect up to $150,000 (formerly $100,000) as an heir and not have to go thru probate.  As long as these assets are titled in the decedent's name alone.  For example, if I have a savings account with a $150,000 in my name only, my beneficiary can transfer these assets to her name with out having to go thru probate.  It is a much simplified affidavit procedure.

In addition, real estate transfers up to $50,000 (formerly $20,000) can occur at a much simplified procedure in the court without excessive expenses and time to transfer.  This is especially useful for small parcels of land, timeshares etc....

And the last good news is that a surviving spouse or domestic partner can collect via affidavit salary owed to a deceased person up to a maximum of $15,000 (formerly $5,000)

However, if you have a Trust, make sure that you still title all your non retirement assets in the name of the Trust.  After all, why have a Trust in the first place? 

Thanks California for giving our heirs a break!