Small estate affidavits are legal documents that allow the property to be transferred outside of probate court. This arrangement can be good for beneficiaries, as probate can be time-consuming and expensive–and in some cases, estates may be too small for probate. Small estate affidavits list all involved parties, the assets to be transferred and other relevant information. They are typically sent to the trust or the party holding the property, and they require the property to be released at a predetermined time.
When May Small Estate Affidavits be Used?
A small estate affidavit is used when the decedent’s estate is sufficiently small that it doesn’t require management through traditional probate proceedings. In most jurisdictions, there’s a limit on small estates; it’s usually about $150,000, but it can differ. If an estate is valued higher than the limit, it must go through the probate process.
When is a Small Estate Affidavit Not Used?
In most areas, a small estate affidavit can’t be used if the probate process has already begun, or if the estate is valued over the limit. If a real estate transfer is involved, it may not be possible to use a small estate affidavit, but some jurisdictions are using special affidavits in these cases. An Estate Planning Attorney in Ann Arbor MI knows state law and they can tell clients whether the small estate affidavit can be used.
A small estate affidavit is a method by which probate can be avoided, but it should be clearly written in accordance with state law. While the process of creating an affidavit is usually straightforward, it can be difficult when valuing the estate.
Hiring an Attorney
In many jurisdictions, small estate affidavits are becoming more popular, and the types of property that can be transferred are becoming more numerous. If a person needs help creating or enforcing an affidavit, they should Visit the website and call an estate lawyer for help. An Estate Planning Attorney in Ann Arbor MI such as Hermanowski Law can help the client make an ironclad affidavit, and they can be of assistance in court if the property holder refuses to hand over the item.