Southern California Funeral Homes and Burial Information
Have you been told that you need “Letters Testamentary” in order to access your loved
one’s accounts? Then that generally means that the institution you are dealing with
needs legal documentation from the probate court.
Generally, a probate is required when the person who passes away holds title to assets in their name alone which have a cumulative value in excess of $100,000.
Could I Be Held Personally Liable For Making a Mistake as an Executor?
Being an Executor is a big responsibility. California’s probate code contains pages upon pages of complex legal rules and procedures that an Executor must follow during the probate. Also, there are certain deadlines that an Executor must meet in filing papers with the Court.
What Assets are Subject to Probate?
Assets owned solely in the name of the deceased person are subject to probate. Assets that pass by means of title, such as real estate titled as “Joint Tenants with Right of Survivorship,” or bank accounts titled as “Transfer On Death” are not subject to the probate process. Assets that pass by means of a beneficiary designation, such as life insurance or some retirement accounts, are also not generally subject to probate.