Legal Question in Wills and Trusts in California
Payable on Death Accounts and Estates Valued at Less Than $100,000
Is a Certificate of Deposit or Bank Account that contains a "Pay on Death" Agreement included in the value of an estate for probate purposes?
If an estate with a value less than $100,000 includes real property of $70,000 (fair market value), can probate of the will be avoided? If so, what is the procedure?
What type of document is required in order to transfer a decedent's real property to the Beneficiary under the Will? Is it necessary for the Executor to take title to the property before the transfer to the Beneficiary and, if so, how is that done?
1 Answer from Attorneys
Re: Payable on Death Accounts and Estates Valued at Less Than $100,000
1. On the POD account, assuming the account designated a living person to receive the money upon death,, then the funds in the account pass to that person and will not be included in the probate estate.
2. Probate can be avoided if all heirs under the Will sign a petition To Determine Succession that is filed with the Court, along with a Probate Referee's appraisal of the real property showing its value to be lkess than $100,000 and that property, combined with other property which is to be passed to the heirs does not exceed $100,000 total. .
3. If the property you are talking about in #2 is the same real property, the Court will make an Order on the Petition and a certified copy of that Order is recorded and that is all that is required to pass the real property to the heirs under the Will
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