If my father passed away leaving a Will naming me as sole beneficiary and executor, do I have to go through formal probate if he didn’t have many assets?

Or can I collect his assets using and file under small estate under laws? In the state, small estates are those valued under $150,000. Here is a list of assets:Cash $1,480 – checking acct. $2,175 – $1,100 in owed wages by employer – Misc. Household items $1,000 – truck $6,500 – car $13,500 – real property $245,000 (mortgaged debt $140,000). There are no other debts or assets.

Asked on October 4, 2014 under Estate Planning, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

I am so sorry for your loss.  The issue here will be the real property.  While some states do not let you use a small estate proceeding if the estate owns real property, California does, but it must be valued under $50,000.  That is a value at the time of death.  Here you state that the value is $245,000.  That would not allow you to use the small estate proceeding.  Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.