Legal Question in Wills and Trusts in California
Credit cards and Estate Assets
My father passed away recently who was divorced from my mother. My mother is listed on the deed of the house still. There is about $400k worth of equity split equally between the both of them. Do we need to go to probate based on the equity in the home? We were planning on selling it in 6 months. My father also used his credit cards and has $16k in unsecured debt. Do we need to repay this debt? There are other assets that he has which total about $60k in cash and stock. Can we avoid probate?
1 Answer from Attorneys
Re: Credit cards and Estate Assets
Unless your father had a trust or other similiar estate planning device, it does not sound like you can avoid probate. Even if you manage to say that your mother is half owner of the property, that still leaves 200k in real property, plus 60k in cash and stock. Way over the probate limit. Since the divorce severed your parents community property interest, even if the property was titled in joint tenancy with right of survivorship.... you will still need to go to probate over the issue. So yes, you will almost definetly need to go to probate.
With regards to paying off the credit cards, someone (if your father died with a will that someone will be his executor, a trust: trustee, and intestate (without a will): personal representative), will need to satisfy your father's debt with his property. So yes, someone needs to pay that debt, most likely with his cash and stock.
Seek yourself a probate attorney in the county where your father passed.
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