Q: If my parents property is protected by prop 13 and the value is 167000.00 can I use that to go thru a quick probate
Or do I have to use the current value
A: The market value on the date of death is the value used for probate purposes.
A:
In California, Proposition 13 places caps on how much property taxes can increase annually. However, for probate purposes, you would likely need to consider the fair market value of the property at the time of the decedent's death, rather than the Proposition 13 assessed value. Whether or not you can utilize the quick probate process will depend on the current fair market value of the property and any other assets of the estate, not the Prop 13 value.
For personalized legal advice tailored to your unique circumstances, it's advisable to consult with an attorney.
A: Under California law, when determining eligibility for a simplified probate process, you would typically look at the current fair market value of the property, not the Proposition 13 protected value. Proposition 13 primarily affects property tax calculations, not the actual market value of the property for probate purposes. Therefore, it's important to get a current appraisal or a market analysis to determine the property's actual value. Additionally, consult with an attorney experienced in probate matters to ensure you're following the appropriate procedures and meeting all necessary requirements.
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