If you are interested in transferring a small estate in San Diego or anywhere else in California, you might be in luck. The law in California says that if the value of the estate is under $150,000 there might not be a need for a probate. There are simpler procedures, such as the Small Estate Affidavit. This article offers a brief overview of the process.

How to establish if the estate is a small estate?

In order to calculate the value of the estate, you need to include the following:

• All real and personal property.
• All insurance and retirement benefits which will be paid into the estate. This excludes the insurance and retirement benefits which are to be paid to a specific beneficiary.

It also excludes a lot of other things, such as:

• Vehicles, such as car, boats or mobile homes.
• Real estate outside State of California
• Anything contained in a trust (including a living trust)
• Any real estate the deceased person co-owned with someone (the so-called joint tenancy)
• Any banking accounts owned by multiple persons including the deceased
• Property which passes directly to the spouse (or a living partner) of the deceased
• Earnings or other monetary compensations unpaid to the deceased up to $5000
• Debts and mortgages of the deceased person
• Life insurance and any other assets which pass directly to the beneficiaries

This is just an informative list. If you are looking to make a definitive list, consult an estate lawyer. They can assist you to calculate the exact value of the estate, as well as guide you through the whole process.

How to proceed with the process?

If you have calculated the value of the estate to be $150,000 or less, and you have the right to inherit the estate, you can use the affidavit process to inherit the estate. The State law also allows real property up to $50,000 to be transferred by an affidavit, yet it rarely happens in practice.

The affidavit needs to be filled in, either at court or at a financial institution, at least 40 days after the death of the owner of the estate. Assets can all be listed on one affidavit, or each individual asset can be the subject of separate affidavits. The affidavit needs to contain the following:

• Death certificate of the deceased person whose estate is being transferred
• Proof of the deceased person’s ownership of the said estate (this includes bank passbooks, stock certificates, etc.)
• Proof of your identity (a driver’s license or a passport).

The affidavit will need to be notarized. Although this is not a legal requirement, many institutions insist on this step, so it is recommended that you do this.

Furthermore, if there are any other heirs to the estate, they will need to sign the affidavit. This shows that they agree that the estate listed on the affidavit is to be transferred to you. In order to complete the process, the affidavit needs to be given to the person, company or an institution which currently holds the property.

Is there a downside?

This process is best avoided if the estate you stand to inherit is severely indebted, or insolvent. In these situations, you stand to lose more than the estate is worth. In that case, the probate is the best option. The court decides which creditor is to be paid, and the exact amount as well. Another situation is when there are multiple heirs who do not agree on how the estate should be split. Probate is the best option in such situations.

If you need to transfer a property to your name, contact a lawyer to assist you in the process. The Law Offices of Irina Sherbak is a highly esteemed practice in the field of estate management. Contact us for legal representation in the matter of transferring small estates in San Diego and the State of California.