Legal Question in Wills and Trusts in California
What are the reasons for probate?
If there is only two heirs to a deceased person, and are both in agreement on what to do with the estate, money, and all property, do they need to go to probate before using any of the money, even if the bank gave it to the beneficiary?
2 Answers from Attorneys
Re: What are the reasons for probate?
The answer depends on the titling of the money--if it was held in a beneficiary account or a joint tenant account, no probate would be needed. If it was in the deceased person's name alone, probate is usually required, unless the total assets in the estate are less than $100,000.00.
Re: What are the reasons for probate?
There are two exclusion limits. One is for $100,000 of personal property (bank accounts, vehicles, and the like). The other is for of $20,000 of real property. If the person who died had real property worth more than $20,000, probate may be required unless title was held with a joint tenant or spouse. A good reason to probate is to close out creditor claims--if you are uncertain, be sure to check with legal counsel in the place where the deceased person resided.
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