Q: For California probate, is the decedent's home equity a separate asset from their interest towards their house?
For example, the decedent is a tenant in common with 2 other people, with 1/3 interest in the house. The house's gross market value is about $400,000, however only 1/3 of that counts towards their estate. So does their estate also include 1/3 of the equity as a separate asset in addition to their 1/3 ownership interest, or are they just one whole asset and not two separate assets?
A: In probate the "Fair Market Value" of real property is appraised by a probate referee. After 1/1/2020, if the total value of the estate (including the FMV of real property and tangible and intangible personal property) exceeds $166,250 formal probate will likely be required. The appraiser does not appraise equity as a separate asset.
1 user found this answer helpful
A: The one-third owned is one entry in the probate documents. Equity is not a separate entry. Best wishes.
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