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In the cases where the total personal property assets that need to be transferred in a decedent's estate are worth less than $100,000 California has a simplified procedure for beneficiaries to take ownership of them this procedure is available whether a decedent had a legally valid will or trust plus in calculating the hundred thousand dollar limit assets that would otherwise avoid probate are also excluded so in other words assets held in a trust a joint tenancy account life insurance paid directly to a beneficiary and the like are not counted when totaling the aggregate fair market value of the decedent's assets that need to be below $100,000 in order to fit within this exception if an estates assets do qualify for this summary procedure though an affidavit must be prepared and sworn to by the beneficiary of those assets one thing to recognize is if you want to use this procedure you should know that there is no requirement to notify the decedent's creditors like there is an appropriate per ceding but to the extent that you receive property you may be liable for the debts of the decedent that arise in the future at any rate after 40 days from the date of the decedent's death has elapsed the beneficiary fills out the affidavit that form is then used to actually change the name on the decedent's assets so for example if the decedent had an account at a bank the affine beneficiary simply takes the affidavit to the bank and changes title on the account with it finally it's important to point out that in addition to the summary procedure outlined here for small estates a couple other summary procedures exists for transferring property for instance you can transfer real property that is worth less than $20,000 as well as transfer automobiles in mobile homes with similar procedure to find out more please schedule a free appointment here at the trust store
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