A small estate affidavit form is used by the heirs of a decedent for filing with the probate court and transferring title to assets, such as a bank account, according to Rocket Lawyer. It shows specific information about estate assets and their dollar value and who inherits the property under a decedent's will. If there is no will, state law determines who inherits the estate.Continue Reading
The property of a decedent becomes the property of his estate, which refers to all property a person owns at the time of his death, says Illinois Legal Aid. Beneficiaries typically inherit an estate property through a legal proceeding in probate court. This process is often time consuming and expensive, depending on the size of the estate and if the will is contested.
With a small estate affidavit, the probate court can learn the exact value of the assets of the deceased, making the probate process faster, Rocket Lawyer explains. It is used when a person's spouse or close relative died without a will and the person wants to finalize estate matters. A small estate affidavit is also used when a person is named the personal executor or representative of an estate that qualifies as a "small estate" under the law. A small estate is usually under $150,000 in the U.S., although the amount varies from one state to another.Learn more about Financial Planning
An affidavit of heirship is often used when a deceased property owner did not leave a will, and the heirs are seeking to speed up the settlement process. It is used to make known that a person wishes to be considered a lawful heir, notes Rocket Lawyer.Full Answer >
An affidavit of death and heirship is used to try and stop probate from happening after someone dies, according to Rocket Lawyer. This is often used when a traditional will and testament is not available for the deceased.Full Answer >
If there is no will in place to determine who inherits a decedent's assets, the order of inheritance is determined by state law, which varies, according to Nolo. Generally, spouses, domestic partners and blood relatives inherit, with spouses receiving the largest portion of the estate. In most states, the inheritance then goes to children, followed by relatives.Full Answer >
Beneficiaries of a will can attempt to remove the executor of an estate by hiring an attorney and filing a complaint with the probate court, explains AllLaw. Each state has its own estate laws, so the acceptable legal grounds for removal and the process the beneficiaries must follow differs from state to state.Full Answer >