CALIFORNIA SIMPLIFIED PROBATE TRANSFER

After the death of a loved one (“decedent”) it is necessary to take action and follow certain procedures (both through the probate court system and out of it) to transfer the decedent’s property to the decedent’s beneficiaries or heirs (if the decedent didn’t designate beneficiaries for the property). One way is through a complete probate of the decedent’s estate which will take approximately four to six months or longer and depending on the size of the estate could cost many thousands of dollars in statutory attorney fees (if you use an attorney). A second way is the distribution of property that was held in the decedent’s living or revocable trust. This process is much faster as an attorney can generally distribute the property in a reasonable amount of time. It is also less costly than probate. Of course, the decedent would have had to create a living or revocable trust during his or her lifetime. There is also a third way. California Probate law provides for simplified procedures for the transfer of the certain property of a decedent. Please note that any transfer of property might have tax consequences so you should always check with your attorney before doing anything. You may be able to use these simplified procedures for the transfer of the following types of property. It would be best to check with your attorney first. For property in joint tenancy: Real Property: You need to file an “Affidavit Of Death Of Joint Tenant,” which states that the decedent is the other joint tenant on the title to the real property and along with the Affidavit you have to file a certified copy of the decedent’s Death Certificate. Check with the County Recorder’s Office of the County in which the real property is located on how to record the Affidavit and further information or any questions you may have. Bank Accounts: Go to the bank with a certified copy of the decedent’s death certificate and a check (if it’s a checking account) or the savings account passbook. Ask the bank representative to explain the procedure to you along with any questions you may have. Motor Vehicles: Check with the California DMV. Securities: Check with your stock broker or your agent at the applicable financial institution. Ask the broker or agent about the proper procedures along with any questions you may have. For an estate with less than $20,000 in assets: If the decedent’s real and personal property is worth $20,000 or less, you can ask a probate court judge if you can use the “set aside” procedure. Please note that not all of decedent’s property is included in determining the value of the decedent’s estate. You will have to prepare a Petition and Order. Contact the probate court or your attorney for further information along with any questions you may have. For an estate with real property in California worth $20,000 or less: To transfer the real property, you need to prepare and file an Affidavit Re: Real Property of Small Value ($20,000 or less). Contact the probate court or your attorney for further information along with any questions you may have. Community Property or Separate Property of Decedent Spouse: If the decedent was your spouse and you want to transfer or confirm property to yourself, you can file a Spousal Property Petition. The surviving spouse, the representative of the surviving spouse’s estate (if the surviving spouse is also deceased), or the conservator of the surviving spouse’s estate can file the Spousal Property Petition. There will be a hearing and there are specific people who have to be notified prior to the hearing so they can attend it. The judge will decide at the hearing whether to grant or deny the Spousal Property Petition. Life Insurance Proceeds: Locate all of the decedent’s life insurance policies. In addition to a personal life insurance policy, the decedent could have life insurance policies from his or her employer; fraternal organization; a credit card company; the military; or other source. Determine who the beneficiaries are. Contact the decedent’s insurance agent; broker; or the life insurance company or companies or any person or entity who would have information concering the policy. Advise them of the death of the decedent and ask them what documents they need to process the claim and pay the proceeds. Retirement Benefits: Locate the retirement plan documents. Determine who is the beneficiary or who are the beneficiaries; the amount of the benefit; and the payout options. Contact the entity which is administering the plan to determine the process to claim the benefits after the decedent’s death. The information is this article is for informational purposes only and does not constitute nor is it intended to constitute legal advice.