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A final account and petition for distribution can be filed by the Personal Representative when there are sufficient funds available to pay all debts and taxes, the time for filing creditors claims has expired, and the estate is in a condition to be closed.
California Probate Code section 850 makes it possible for litigants to seek the transfer of property into or out of an estate, trust, conservatorship or guardianship estate as part of an expedited court proceeding. In some cases, Probate Code 850 Petitions can help litigants avoid formal probate.
At least 40 days have passed since the death of the decedent, as shown by the attached certified copy of the decedents death certificate. 4. The current gross value of the decedents real and personal property in California, excluding the property described in Probate Code 13050, does not exceed $100,000.
This is when courts transfer the ownership of assets to beneficiaries or heirs. The final distribution only occurs when the estate is settled, meaning all creditors and taxes have been paid, all disputes have been resolved, and the judge gives final approval.
In order to close a probate estate in California, the appointed personal representative must file a petition with the probate court which reports everything he/she has done in regards to the estate. The personal representative must file a Petition for Final Distribution within one year after Letters are issued.