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Dimitry Esquire
Dimitry Esquire, Attorney
Category: Estate Law
Satisfied Customers: 41221
Experience:  JA Mentor. I run my own practice that specializes in Estate Preparation and Administration
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California probate question. first, i am a named co executor

Customer Question

for possible california probate question. first, i am a named co executor of an estate. i am trying to determine whether or not i can use an affidavit to transfer property or need to go through probate. there is a will leaving everything to next of kin. the decedent only has intellectual property i.e., music writers royalties, copyrights. they are a well known song writer. if i value the estate at 150,000. for small estate transfer, and the music catalog is sold for a substantial amount more, what will happen? Will the heir have to pay taxes or penalties later? the estimated income per year is approx 30,000.00, but the catalog could sell for much more. 2nd question, can there be more than 1 petitioner on a petition for probate form de-111? Both co executors?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Dimitry Esquire replied 1 year ago.

Thank you for your question. Please permit me to assist you with your concerns.

Let me answer both questions directly. To answer your second question first, there can be multiple 'petitioners' on the form. Please the second point, where it states to 'name each' petitioner and list their information.

Now, as far as the asset transfer, intellectual property is a bit tough because it has very subjective value. But at the same time if the assets are being intentionally undervalued, and the value is higher than the 'small estate' limitation, AND those assets were not in trust, then filing through probate would be correct. Otherwise the state can pursue for perceived value and loss of tax revenue, and potentially sue for fraud and breach of fiduciary duty, since executors have a duty as fiduciaries to not profit from the evaluation of the estate. The heir might not have to pay, the you as co-executors may be pursued instead.


Dimitry, Esq.

Expert:  Dimitry Esquire replied 1 year ago.

Hi, please review the question here!