Q: Hello, I'm in California and my father recently passed away. He named beneficiaries on both his annuity and IRA.
Valued at about $130,000 He owned his home,cars and other account jointly so these two accounts are the only assets. Do we need to go through probate?
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A: In California, assets with designated beneficiaries, such as annuities and IRAs, typically pass directly to the beneficiaries upon the account holder's death and may not need to go through probate. Jointly owned assets with rights of survivorship also often pass directly to the surviving owner.
Yelena Gurevich agrees with this answer
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A: In California, assets like annuities and IRAs that have designated beneficiaries pass outside of probate. Since the home, cars, and other accounts are jointly owned, they too would likely pass to the surviving owner without going through probate. Therefore, based on the information provided, it appears that probate would not be necessary for these assets.
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