Legal Question in Wills and Trusts in California
Lack of probate debate
My mother passed away 11/98. My sister & stepsister as coexecutors. There is an outstanding real estate loan owed the estate (mom was bank on former home), a mobile home that needs to be sold (her name only), and stocks, as well as the usual personal items. My sisters believe that if the estate is less than $100K, they do not have to go through probate or any paperwork. They have already distributed a portion of the estate monies (bank accounts and outstanding loan repaid by another sister). How serious is their/our situation?
1 Answer from Attorneys
Re: Lack of probate debate
If the gross assets are less than $100,000 then there is a procedure that can avid probate. It still requires a filing however, also if there is real estate then title can't pass without some filing. It depends on the value of the real estate. Remember you work with gross gigures before liabilities. It's hard to imagine any real estate being worth so little in CA so as to avoid probate. Better to consult a lawyer.