After a person’s passing, many times their personal legal and financial affairs have to go through probate, which is a legal proceeding to wrap up all their property. Probate proceedings in California are dealt with through the Superior Court of the county in which the person lived. The entire process takes at least six months, and can sometimes take several years.
For small estates that are worth $150,000 or less, the probate proceedings can be skipped. These small estates can go through less formal transfer procedures. Transfer procedures can be used as long as there are no administration proceedings that are pending or that have been conducted for the estate.
There are three different procedures that are available for small estates, which are:
- Personal property that does not exceed $150,000
- Real property that does not exceed $50,000
- Real and personal property that does not exceed $150,000
To save time and money, a beneficiary or heir of the estate can settle the estate through the transfer procedures if the estate qualifies.
For more information about inheriting property, contact Brighton Escrow in Hermosa Beach.