Assets that are solely in the name of the decedent are generally probate assets. Assets that can transferred through pay-on-death provisions are not considered probate assets. For example, if an asset is owned in joint tenancy (but not if it is owned in tenancy in common) or there is a named beneficiary designated to receive the asset after death of the owner, these assets are not part of the probate state. When pay-on-death designations have been made, the asset avoids probate. All other assets are part of the estate and must be probated in California if the total value exceeds $166,250. If there is a surviving spouse, however, a formal probate can usually be avoided with a spousal property petition.
What is a probate asset?
By Sandy McCarthy|2020-01-02T11:14:06-08:00April 16th, 2016|Probate FAQs|Comments Off on What is a probate asset?
About the Author: Sandy McCarthy
Sandra M. McCarthy, founder of A People’s Choice, has worked exclusively in the legal field since 1976. She served as the 2004-2005 President of CALDA (California Association of Legal Document Assistants). She obtained a Paralegal Certificate from the University of California, Santa Barbara. During her career in the legal field, she has worked as a freelance paralegal, law office manager and paralegal studies teacher, and has co-authored numerous legal publications and written hundreds of self-help legal articles. Sandy is dedicated to the expansion of affordable, low-cost, self-help document preparation.