Often we see cases in which a loved one dies with a small amount of property or assets. Though the size of the estate may be small, a succession may still be required to re-title or transfer the property of the estate.
A person’s estate is comprised of the rights, obligations and property that they leave after they die. It is important to remember that your heirs are not given legal right of possession of your estate until a succession is opened and completed. While a succession will often be required even for a small estate, sometimes the expense of opening a judicial succession may either exceed the amount of the estate assets, or significantly decrease the amount transmitted to the heirs.
In situations such as this, it may be prudent to consider whether an Affidavit for Small Succession may be used to save time and money. An Affidavit for Small Succession may be used only if the following criteria is met:
• The value of the decedent’s estate does not exceed $125,000.
• The decedent died without a valid last will and testament
• The decedent’s heirs only consist of his or her children, spouse, siblings or parents (some exceptions to this may apply).
• All heirs must agree to execute the Affidavit or be given notice of its execution and the opportunity to object.
One of the biggest benefits of using an Affidavit for Small Succession is cost effectiveness and time. This method provides a quick, inexpensive transfer of your loved one’s property to the possession of their heirs. In addition, most bank and financial institutions will accept this affidavit which can allow you to immediately access the accounts of your loved one so that it can be delivered to their heirs/and or surviving spouse.
Contact the Rhodes Law Firm to find out of an Affidavit for Small Succession is right for you.