QUESTION
In order to settle an estate valued under 150,000 without probate does the real property have to be less than 50,000?
Asked on May 07th, 2013 on Estate Planning - Florida
More details to this question:
I believe my dad's real property totals less than 80,000 and deed of trust is less than 50,000.
18 ANSWERS
2 Awards
Sit with a probate attorney. Pull title records to make sure. You can do a summary petition if your numbers are correct.
Answered on May 16th, 2013 at 6:25 AM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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In Michigan whether or not you need probate does not depend upon the value of the estate..It depends upon the ownership of the property.. if a trust and trustee .. possibility of no probate.. If real property is in your dad's name regardless of value you need to file a probate petition.
Answered on May 10th, 2013 at 4:04 AM
The amounts for Small Estate Affidavits was recently increased to $200,000 for small estates.
Answered on May 10th, 2013 at 3:30 AM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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No.
Answered on May 08th, 2013 at 12:09 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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No. You can use a small estate affidavit for up to $200,000 of real property.
Answered on May 08th, 2013 at 12:09 PM
Any real estate, regardless of value, must be probated in the state of Colorado.
Answered on May 08th, 2013 at 12:09 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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You still have to go through probate. You may be able to do it informally, but probate is a necessity to be able to transfer the title to the property.
Answered on May 08th, 2013 at 12:09 PM
Thomas Edward Gates
Because there is real property, you must probate.
Answered on May 08th, 2013 at 12:08 PM
Domestic Relations Attorney serving Milford, MI
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Gabel, Gudmundsen & Gabel, P.C.
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To settle an estate outside of probate, the property value has to be under $15,000. Otherwise, probate is required but can be unsupervised/informal so long as heirs aren't disagreeing. A qualified probate attorney can probably have such a probate done within about six months.
Answered on May 08th, 2013 at 12:08 PM
3 Awards
In Nevada a set aside may be filed in the probate court if the assets total under $100,000. This if the assets total $130,000 as set forth in your inquiry a probate administration is needed.
Answered on May 08th, 2013 at 12:08 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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This is apparently not a Michigan matter. You should repost in the state involved. In Michigan, any estate in excess of $21k has to go through some form of probate. We also do not use Deeds of Trust
Answered on May 08th, 2013 at 12:07 PM
You need probate to change the title to real property [a house, lot] but if the estate is under $100,000 then there is a short form of probate. See the Nolo Press book on probate, estate and trusts.
Answered on May 08th, 2013 at 12:06 PM
You do not have to file a probate if the total of the entire estate is 150,000.00 or less. If the total is over you will have to file in probate court.
Answered on May 08th, 2013 at 12:06 PM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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If your dad owned real estate in his name alone the estate must be opened. Additionally if he owned other assets totalling more than $30,000 an estate must be opened.
Answered on May 08th, 2013 at 12:06 PM
If the real estate is in your dad's name, you will have to probate - maybe you can use a small estate procedure.
Answered on May 08th, 2013 at 12:05 PM
In Florida, you must probate all property regardless of value. Summary administration, which is to go through probate court, on estate values of under $75,000. Full administration over $75,000. If you only have a couple thousand dollars in a bank account, there is a special process available from the probate court - but even then, you will need to go to probate court to get the letter to disburse funds.
Answered on May 08th, 2013 at 12:05 PM
You are confusing two similar, but different, laws. The under $50k is for real estate valued at under $50k. It's only used if all probate assets are less than $50k including a small piece of real estate. This is typically for timeshares, vacant lots, and extremely small houses. This is an affidavit procedure given to the probate Court clerk 6 months after death. The under $150k is commonly used. It has to do with all assets totaling less than $150k including real estate. This is a matter filed in the probate Court with a hearing in front of a Judge to approve it. Your situations sounds like the latter. This is called a succession to real property and is made pursuant to California probate code 13150. I hope this helps.
Answered on May 08th, 2013 at 12:05 PM
Litigation Attorney serving St. Louis, MO
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Probate Law Center Richard J. Keyes, PC
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In Missouri, no matter the value of the assets, you need to open up a probate estate if the decedent died with assets in her or his name only with no beneficiary designation on the assets. In Missouri, the small estate affidavit is for estates with net assets less than $40,000. You would subtract the deed of trust value from the market value, leaving you with approximately $30,000, but then you need to add in the value of the personal property which would take it over $40,000. See an attorney for more details.
Answered on May 08th, 2013 at 12:05 PM