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Need Probate?
Under California law, a probate of an estate is generally necessary when an individual passes away leaving assets in excess of $100,000 that do not pass via beneficiary designation, joint tenancy, or if such assets were not held in trust.
For example, under the following circumstances, a probate would not be necessary:
- Decedent left an insurance policy with a death benefit over $100,000 (or less for that matter) payable to a living individual
- Decedent had bank and brokerage accounts held jointly with another living individual (in such case, those accounts would pass automatically to the joint account holder)
- Decedent owned an IRA (or other retirement related account) with a value in excess of $100,000 (or less) which named a living individual as the beneficiary
- Decedent owned real property held either in joint tenancy or as community property in which the other owner(s) were living
A probate of an estate, however, would most likely be necessary under the following events:
- Decedent died with a bank or brokerage account held solely in their name with a value in excess of $100,000
- Decedent owned real property held solely in their name
- Decedent owned a life insurance policy with a death benefit over $100,000 in which no beneficiary was named or where the named beneficiary predeceased the decedent
- Decedent owned an IRA (or other retirement related account) with a value in excess of $100,000 in which no beneficiary was named or where the named beneficiary predeceased the decedent
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