Other assets, such as motor vehicles, boats, and community property, are not considered in the estate’s valuation.
Beyond the Golden State’s financial limitations, a small estate affidavit is largely contingent on the heirs’ agreement. For the court to authorize a small estate succession, the estate’s beneficiaries must all provide their consent. If any prospective heir refuses to consent to small estate proceedings, the estate must be administered in and by the probate court.
How to File a Small Estate Affidavit
A small estate affidavit must be prepared before probate begins. If you, or the estate executor, believe the estate is worth less than $166,250, you may obtain and file a small estate affidavit provided that at least 40 days have passed since the deceased person’s death and no other probate case has been initiated.
Creating a Small Estate Affidavit
Obtain the Required Paperwork
Contact an estate planning attorney to obtain a small estate affidavit.
Gather Documents
Collect the required documents needed to legitimize the affidavit, including proof of your own identity, a certified copy of the decedent’s death certificate, and proof of the decedent’s ownership of the assets you intend to collect. If the deceased person left any real estate, you must complete Form DE-160, which should be signed by the probate referee.
Notarize the Affidavit
While California law does not mandate that small estate affidavits be notarized, many financial institutions will not approve small estate transactions without a notary stamp.
The Advantages and Risks of Using a Small Estate Affidavit
Small estate affidavits are meant to simplify probate for lower-value estates. Consequently, small estate affidavits could help heirs, beneficiaries, and executors save money while administering and dissolving an estate.
However, small estate successions are not always simple. When submitting a small estate affidavit to the court, you may be required to:
- Assess and appraise the estate
- Resolve disagreements between other heirs and beneficiaries
- Proactively contact financial institutions that may be reluctant to transfer the decedent’s assets outside of probate
- Pay the estate’s creditors, if any creditors have an interest in either the estate or the particular assets you intend to claim
Depending on the circumstances of your California probate case, you may need an attorney’s assistance to determine whether the estate even qualifies for an informal succession.
|
Related Links: |
