Example: If the estate value is 10,000 or less an affidavit is allowed but if the value is between 10,000 to 20,000 a summary administration is allowed. Some States recognize both the Small Estate affidavit and Summary Administration, basing the requirement of which one to use on the value of the estate. Summary Administration -Some states allow a Summary administration. The main requirement before you may use an affidavit is that the value of the personal and/or real property of the estate not exceed a certain value.Ģ. Other states require that the affidavit be filed with the Court. Small Estate Affidavit -Some States allow an affidavit to be executed by the spouse and/or heirs of the deceased and present the affidavit to the holder of property such as a bank to obtain property of the deceased. In general, the two forms of small estate procedures are recognized:ġ. Small Estate procedures may generally be used regardless of whether there was a Will. If the deceased had conveyed most property to a trust but there remains some property, small estate laws may also be available. Small estates can be administered with less time and cost. Small Estates General Summary: Small Estate laws were enacted in order to enable heirs to obtain property of the deceased without probate, or with shortened probate proceedings, provided certain conditions are met.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |