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What Is A Small Estate Affidavit And When Is It Used?

What Is A Small Estate Affidavit And When Is It Used?

A small estate affidavit is a document that can be used to settle an estate without going through probate. The affidavit transfers ownership of the deceased person’s assets to their heirs or beneficiaries. A small estate affidavit value must be less than a certain amount set by state law. In Utah, that amount is anything less than $100,000. The person responsible for settling the estate, the executor or administrator, must file the affidavit with the court.

The affidavit must include information about the deceased person’s assets and debts, as well as the names and addresses of the heirs or beneficiaries. Once the affidavit is filed, the court will issue an order authorizing the transfer of ownership of the assets. The order will also require that any estate creditors be notified of the death and allowed to file a claim.

What documents do you need to file a small estate affidavit?

To file a small estate affidavit, you will need the following:

-The original will (if there is one)

-A certified copy of the death certificate

-An inventory of the deceased person’s assets and debts

-Proof of ownership for any real estate or vehicles owned by the deceased person

-Any other relevant documentation (e.g., insurance policies, bank statements, etc.)

If you have all the required documentation, you can then file the affidavit with the appropriate court. The court will then review the affidavit and, if everything is in order, permit you to distribute the deceased person’s assets according to their wishes (as outlined in the will, if there is one).

There are some potential downsides to using a small estate affidavit, however. One is that it is only accepted in some states. Another is that it generally cannot be used if the deceased person owes debts or taxes. Additionally, creditors may still have up to six months to make claims against the estate, even if a small estate affidavit has been filed.

Small estate affidavits can be used to settle simple estates quickly and without the need for expensive and time-consuming probate proceedings. However, it is important to ensure all requirements are met before using an affidavit. If any creditors of the estate come forward after the assets have been distributed, they may be able to recover them from the heirs or beneficiaries. Therefore, it is always best to consult an experienced attorney before proceeding with a small estate affidavit.

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