Do you know what a small estate affidavit is? If you’re unfamiliar with the concept, others may try to take advantage of you. As an adult with a growing estate, knowing the basic idea behind small estate affidavits is very important.
A small estate affidavit is a legal form that shows which properties from a will can be transferred without having to go through the probate process. The probate process can be lengthier, requiring more time and, in the long run, more money to settle everything. Small estate affidavit documents list the parties involved, the property to be transferred, and other important information.
Usually, people use small estate affidavits when the deceased person’s property is of a small enough value that managing it using the traditional, formal probate process is unnecessary. However, small estate affidavits have limits on the maximum amount. This amount varies state to state from as low as $10,000 to as high as $150,000. In Nevada, you cannot use a small estate affidavit for estates exceeding $20,000.
While a small estate affidavit may be attractive, you must be aware of several points. In situations where regular probate proceedings have already begun, the estate is over the value limit for small estates, or transfers of real estate are involved, small estate affidavits will be invalid.
A small estate affidavit is a tool for avoiding probate. However, the document must be written and is required to meet the guidelines of relevant state law.
You may wonder if you need an attorney to process a small estate affidavit. This decision is up to you. Small estate affidavits are growing more popular in the United States. Because of this, the scope of what can be transferred has expanded. If you need help drafting, reviewing, or enforcing a small estate affidavit, hiring a qualified estate lawyer might be the best option.
Your attorney will help you to make the process smoother if you ever have questions or concerns while considering a small estate affidavit! If you are looking for an attorney in the Reno area, Joey Gilbert Law has got you covered.