Dealing with a loved one’s estate can be overwhelming. However, in California, some estates can bypass the lengthy probate process. Let us explore how the Small Estate Affidavit works and when you can use it.
What is a Small Estate Affidavit?
A Small Estate Affidavit is a legal tool that allows you to claim and transfer certain assets of a deceased person without going through a formal probate process. It is a simpler, quicker alternative for smaller estates.
When can you use it?
You can use a Small Estate Affidavit if:
- The estate’s total value is $166,250 or less
- At least 40 days have passed since the person’s death
- There is no open formal probate case
It is important to note that you can only use the Small Estate Affidavit for personal property, such as money in a bank account or jewelry. You cannot use it to transfer real property, like houses, land or buildings.
Benefits of using a Small Estate Affidavit
Using a Small Estate Affidavit offers several advantages over the traditional probate process:
- Saves time: While traditional probate can take 6-12 months or even longer, a Small Estate Affidavit can be processed in a matter of weeks.
- Reduces costs: There is no need for expensive court fees or attorney fees associated with probate, preserving more of the estate for the beneficiaries.
- Simplifies the process: The Small Estate Affidavit requires just one form and minimal supporting documents.
- Provides quicker access to assets: Beneficiaries can receive inheritances faster, often within 30-60 days of filing the affidavit.
- Offers privacy: Unlike probate proceedings, which become part of the public court record, the Small Estate Affidavit keeps the estate’s details private, protecting the family’s financial information.
These benefits can make a significant difference, especially during an already challenging time for families.