Small Estate Probates
In California, there are two formal probate procedures—one for estates valued at more than $150,000 (Regular Probate) and one for estates valued at $150,000 or less (Small Estate Probates). For further questions or concerns about estate planning, contact a Roseville estate planning attorney of NewPoint Law Group.
Process and Procedures for Estate Probates
The process and procedures for a Small Estate Probate, also known as a “Petition to Determine Succession to Real Property,” is much more simple, streamlined, and cost effective than a regular probate. It involves filing a duly noticed petition signed by all persons having an interest in the estate property and setting the matter for hearing. At the hearing, unless there are objections, the Court should approve the petition and enter an order approving the petition. The order is recorded and has the effect of transferring the property to the designated heirs. Third parties, when presented with the court order, should release the funds to the estate representative or heirs.
Compared to a Regular Probate
Unlike a regular probate, there is no publication requirement and no waiting period for creditors. While a regular probate will typically take approximately one year to complete, a summary probate can be concluded in about 45 days. And unlike attorney fees for a regular probate that range from $7,000 to $10,000, the cost of a summary probate should be in the range of approximately $1,500.
A Roseville probate attorney at NewPoint Law Group will have extensive experience, including in small estate probates. Please call to schedule an appointment at 1-800-358-0305 if you have any estate planning concerns, and would like to discuss your options.