Legal Question in Wills and Trusts in California

Re: Intestate asset accounting

It depends. If the real estate is held as community property or in joint tenancy, then no inventory and appraisal need be file (although other documents may have to be filed to clear title). Other probate assets (generally those not passing under a beneficiary designation) may require a Spousal Property Petition. Examples are securities held as community property and certain bank accounts. Many counties (but not all) require an inventory and appraisal be filed with regard to a Spousal Property Petition. If you are concerned about what must be filed, I suggest you contact a local attorney.

Re: Intestate asset accounting

It depends--For property held in joint tenancy, no inventory is required. The spouse has to only fill out some papers to have the property transferred to him/her (for real estate, the paper is called "affidavit of death of joint tenant").

For community property, a spousal property petition must be filed with the court, in order to receive an order transferring the property to the surviving spouse. The court may require an inventory with this petition.

For separate property, a full probate (including an inventory & appraisal) is generally required for estates exceeding $100,000 in value.

A consultation with an attorney can help in finding out which options are necessary.

Finally, the spouse may wish to get a private appraisal of property in order to prove his/her basis in the property for capital gains tax purposes (inherited property receives a new basis equal to its value at the date of the spouse's death).