Legal Question in Wills and Trusts in California
Small Estate - Gross Value
In California you are allowed to settle an estate if the assets of the estate are below $100,000. The questions I need answered is what is the gross fair market of real property in this context. Is it the appraised value of the property only? Or is it the appraised value minus any encumbrances on the property.
The situation I have is that my sister died without a will. The only real asset she had was a condo that was appraised at $145,000. However, she has a mortgage on it for around $53,000. If I can use appraised value minus encombrances I can use the simplied probate process for small estates. Otherwise, the formal probate process maybe required.
Thank you
5 Answers from Attorneys
Re: Small Estate - Gross Value
You cannot deduct mortgage owed to devaluate estate.
Re: Small Estate - Gross Value
As the other opinions have stated, I must concur that you must value your property at the full (GROSS) value, without deductions for any mortgages.
Don't fear probate. In this case it will be simple and quick, and you may not even need an attorney.
Best of luck, and if you have any other questions, please feel free to call or email me.
Re: Small Estate - Gross Value
It's the gross estate that counts not the net estate. It will require a probate but a simple one under the facts you give
Re: Small Estate - Gross Value
It is based on the total of all the assets (gross amount). It should be a simple procedure, provided there is no one who wants a piece of the pie.
Re: Small Estate - Gross Value
The value used is the gross value, so it appears probate will be necessary.
However, the probate should be simple and not take too long (minimum time 6 months from the time of filing).
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