As of April 1, 2022, the California Probate Code has been updated to increase the gross value of a deceased person’s property from $166,250 to $184,500. If a person in the State of California owns assets that exceed this amount, a probate proceeding will likely be necessary to transfer the decedent’s assets to their heirs. The Probate Code sections that were updated are as follows:
- PC §13100 (Affidavit to Transfer Personal Property): $184,500
- PC §13150 (Petition to Determine Succession to Real Property: $184,500
- PC §13200 (Affidavit to Transfer Real Property of Small Value): $61,500
- PC §6600 (Small Estate Set Aside): $95,325
- PC §13050 (Exclusion amount): $18,450
- PC §13600 (Collection of salary): $18,450
These changes only pertain to a person who dies on or after April 1, 2022.
This means that those passing with less than $184,500 of assets in their name will typically NOT have to do a full probate, and can instead take advantage of the summary probate code sections referenced hereinabove.