Probate Defined

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:

1. Decedent left an insurance policy with a death benefit over $100,000 (or less for that matter) payable to a living individual;
2. 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);
3. 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;
4. 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:

1. Decedent died with a bank or brokerage account held solely in their name with a value in excess of $100,000;
2. Decedent owned real property held solely in their name;
3. 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;
4. 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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