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Thank you for your quick reply.
Please give me a few minutes so I can double check this and I will be back to you within 30-45 minutes.
Since we are only given a few minutes to answer before allowing anther expert to jump in, if this happens, please be kind enough to say that I am researching the answer.
Thank you for your patience,
You are absolutely correct and the bank's attorneys are wrong. The relevant section is California Probate Code Section 13100 which I have printed for you below
13100.Excluding the property described in Section 13050, if the gross value of the decedent's real and personal property in this state does not exceed one hundred thousand dollars ($100,000) and if 40 days have elapsed since the death of the decedent, the successor of the decedent may, without procuring letters of administration or awaiting probate of the will, do any of the following with respect to one or more particular items of property: (a) Collect any particular item of property that is money due the decedent. (b) Receive any particular item of property that is tangible personal property of the decedent. (c) Have any particular item of property that is evidence of a debt, obligation, interest, right, security, or chose in action belonging to the decedent transferred, whether or not secured by a lien on the property
As you can see the gross value of the estate cannot exceed $100,000. Since you have stated that the estate is worth more than $100,000, then you cannot rely on the "small estates rule" to transfer the money into the trust.
The California Probate Code does not say that if the transfer is $100,000 or less; it clearly states that the Gross estate may not exceed $1000,000.
So, when you meet with the bank tomorrow, tell them you "cannot reconcile Section 13100 with the advice of your attorneys".
Even if they insist they are correct, I would strongly suggest you wait the 40 days, probate the estate according to law, otherwise, otherwise you are opening yourself up to
significant legal ramifications.
If you have other information you want me to consider, or have questions in the future, please feel free to ask for me.
Thank you again and Good Luck!
ANDREA Attorney at Law & Legal Expert
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