Q: Is probate necessary if no living trust just a last will?
A: It depends on what the deceased person owned. If the person owned real estate or bank accounts *in their name only*, then probate would be necessary. If they owned real estate as "joint tenants with right of survivorship", probate would not be necessary to transfer the property. If their bank accounts have a payable on death provision, they do not need probate to transfer those funds. Also, currently in California, if the total value of the person's assets are less than $150,000, then a simplified probate procedure can be used.
A: A California resident with property in excess of $150,000 or with $50,000 equity in real estate can avoid probate by establishing a living trust. A title take under Joint Tenancy With The Right of Survivorship can avoid probate as well. However, it may not be the most desirable way because of its adverse tax effect. Please consult a lawyer. Good luck. Zaher Fallahi, California Tax and Estate Planning Attorney, CPA.
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