I already told you that California probate code sections 13100 and the sections thereafter are going to be updated for 2012. The law has been set at $100,000 for California “small” estates since 1996. Before that it had been $60,000. The new law, authored by Assemblywoman Huber, will raise the bar to $150,000 that can be transferred after death without a full probate. This change includes probate code sections 13150 and thereafter regarding petitions to transfer real estate without a full probate. It should be noted that this does not mean that probate Court work isn’t needed for people who own real estate in California worth less than $150,000. That is, if you die with real estate worth up to $150,000 in GROSS value (not net) your loved ones will still have to go to probate Co
The rules for trusts are even more complicated with FDIC insurance. Here are the current rules, as of September 20, 2011, from the FDIC website. I hope this helps you.
Ownership CategoriesRevocable Trust AccountsThis section explains FDIC insurance coverage for revocable trust accounts, and is not intended as estate planning advice or guidance. Depositors should contact a legal or financial advisor for assistance with estate planning.
A revocable trust account is a deposit account owned by one or more people that identifies one or more beneficiaries who will receive the deposits upon the death of the owner(s). A revocable trust can be revoked, terminated or changed at any time, at the discretion of the owner(s). In this section, the t
I have told you before that the California probate code has most of the answers that we need. Knowing where those laws are is another thing and takes many years to figure out. However, this is a great resource if you are the beneficiary of a trust, the trust is now irrevocable (typically after death) and you have not been given a copy of that trust. Contact me or visit our website atwww.californiaprobate.info for more information. -John
California Probate Code Section 16061.7
(a) A trustee shall serve a notification by the trustee as
described in this section in the following events:
(1) When a revocable trust or any portion thereof becomes
irrevocable because of the death of one or more of the settlors of
the trust, or because, by the exp