How to Use a Small Estate Affidavit?
The affidavit can be used in two different situations:
- When the decedent left a will
- When the decedent died intestate (without a will).
In order to use the affidavit, you must first determine whether or not the value of the deceased’s assets meets the threshold for your state. Some states, like Alabama, think that estates worth more than $25,000 are too big to qualify for an affidavit for a small estate. Other states think that the inherited amounts can be as high as 150,000 dollars.
Vermont and other states have laws regarding the maximum amount of property one can inherit when there is no will. Vermont sets the limit at $10,000, while Kentucky sets it at $15,000. Regardless of which state the person inherits in, the value of their inheritance should be no more than the max set by local laws. In California and Arkansas, the limit for applying this document to estates is under $150,000. In Alaska, the document can be applied to the decedent’s estate under $100,000.
Another thing to keep in mind is the amount of time after the death of the decedent. The minimum waiting time after which you can create an affidavit of a small estate will differ from state to state. For example, Virginia will require you to wait for 60 days, while in the state of Colorado, the waiting time is only 10 days.
You will also need to gather certain information and documents, as well as identify the family members or other individuals who are entitled to inherit the decedent’s assets.
If you are looking to use an affidavit for a small estate, it is important to consult with an experienced probate attorney to ensure that you are taking the correct legal steps.
How to Fill Out a Small Estate Affidavit
Step 1 – Provide information about yourself
Write down your full legal name. Then enter your name, city, and valid mailing address.
Step 2 – Write down the decedent’s name and the date of their death
Next on the list is submitting legal information about the decedent. This includes their full name, last place of residence, and information from the death certificate.
Step 3 – List the decedent’s assets
The next item on the list is a bit cheesy. You must submit all belongings of the deceased. This should include all cash deposits, personal property such as vehicles and jewelry, and a share of property shared with their spouse or common-law partner. In addition to material possessions, you should list any business or interests the decedent shared with anyone. If they own the copyright or other intellectual property, that should also be listed.
Step 4 – Enumerate the liabilities of the decedent
To gain an inheritance, you must first pay off the deceased’s debts. Therefore, you should pay off your debts and liability lists and pay what the decedent owed creditors. The executor should settle all claims before distributing the decedent’s estate. Expenses are typically deducted from the deceased’s estate until family members receive the amount owed. The same applies to funeral expenses.
Step 5 – Identify the decedent’s surviving spouse, child, or another heir
What follows is a list of all surviving heirs of the decedent. List the names and addresses of all heirs and beneficiaries. While it’s not difficult to list all beneficiaries of the decedent’s estate, it can be difficult to list the percentages they should receive. This is subject to state law and you should research this before stating estate shares. Please mind that incorrect completion may result in rejection.
Step 6 – Sign and date the affidavit
If required by your state, have the affidavit notarized by a notary public.
Once you have completed and signed the affidavit, you will need to file it with the court in the county where the decedent lived. You will also need to provide the court with a death certificate for the decedent. The court will then issue an order that allows you to collect the decedent’s assets and settle their debts.
What Should Be Included in an Affidavit of Small Estate?
When you are ready to fill out the affidavit, you will need to provide:
- The full legal name of the decedent.
- The date of the decedent’s death.
- A list of the decedent’s assets and their approximate value.
- A list of the decedent’s debts and the approximate amount owed.
- The name and address of the decedent’s surviving spouse, child, or another heir.
- The relationship of the survivor to the decedent.
Requirements for a Small Estate Affidavit
The requirements for this form of affidavit vary by state, but generally, an affidavit should be:
- filed with the court within a certain period of time after the decedent’s death
- notarized (some states set this requirement for affidavits).
- signed by the surviving spouse, child, or another heir of the decedent
Difference between Small Estate Affidavit and Affidavit of Heirship
The affidavit of heirship and an affidavit for a small estate both help to speed up the probate process. However, they deal with different types of property, so you should not get them confused.
The affidavit of heirship is used for real property issues, and when signed in front of two witnesses and a notary, it can help to prove that someone is an heir. The affidavit only shows that the heir is entitled to receive the title of the property; it does not actually transfer the title. The court will have to go through the probate process, but using the affidavit will save time because the court does not have to hear from witnesses. The court will have to hear from witnesses if the affidavit is challenged.
The estate affidavit relates only to personal property and a homestead of the decedent and cannot transfer the title of real property. You would have to go through the probate process to get the title transferred to you.
The Bottom Line
An affidavit for a small estate is a legal document that serves as proof that an individual has died and that their estate is, therefore, small enough to be administered without going through probate. This affidavit allows the decedent’s survivors to collect the decedent’s assets and settle their debts without having to go through the court system.
If you are able to settle your loved one’s estate using the affidavit, you will be able to avoid the time and expense of going through probate. Probate can be a lengthy and complicated process, so avoiding it, if possible, is often in the best interests of the survivors. If you have any questions about whether or not you can use an affidavit of small estate in your state, you should speak with an experienced estate planning attorney. An attorney can help you determine whether or not your loved one’s estate is eligible for this type of probate avoidance and can assist you with the process of filing the affidavit and settling the estate.
You will also need to sign the affidavit in front of a notary public. Once the affidavit is complete, you will need to file it with the court and provide copies to the decedent’s creditors.