EXCLUDED PROBATE ASSETS
A decedent who died in California without a Trust and had more than $100,000 in assets not excluded from Probate in his or her estate must have their estate probated before their assets may be distributed. If the valuation of the decedent's estate at the time of death was less than $100,000, a simplified procedure exists to transfer the decedent's assets. But what assets are excluded from the $100,000 valuation that would trigger a full California Probate proceeding? The following is a brief summary of such assets.
General description of assets excluded from the $100,000 California Probate valuation:
Real Property outside of the state of California
Assets held by the decedent in a Living Trust
Assets that designate a Named Beneficiary, such as insurance
Assets that are "Payable on Death" to another individual
Assets that pass to a Surviving Spouse
Assets held in Joint Tenancy with other individuals
Assets held as Community Property with Right of Survivorship
Assets held by the decedent as Trustee for someone else
Vehicles or vessels registered under the California Vehicle Code
Mfg. Homes Registered under the CA Health and Safety Code
Salary compensation less than $5,000 owed the decedent
Amounts payable to the decedent for service in the armed forces
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