This law increases the maximum gross value for real estate transferred by affidavit or petition to the successor of an estate.
Calif. Probate Code § 7660
Amended by A.B. 1305
Effective: January, 1 2012
Real estate with a maximum gross value of $50,000 may be transferred by affidavit to the successor of a deceased California property owner’s estate, thus avoiding probate.
The real estate interest included in a total estate with a maximum gross value of $150,000 may be transferred by petition to the successor of a deceased California property owner’s estate, likewise avoiding probate.
Editor’s note — “Maximum gross value” refers to the fair market value (FMV) of the real estate at the time of the property owner’s death not accounting for the amount of any liens or encumbrances on the property, commonly called the owner’s equity.
Both an affidavit of succession and a petition of succession are methods of avoiding probate. Where an affidavit of succession is a simple form, a petition must be circulated to all interested parties and a hearing must be scheduled.