Q: What is a Small Estate Affidavit?

by | Dec 8, 2021 | Q&A, Trust And Estate Administration |

A: A small estate affidavit is a legal document that a person can use to collect an asset after the death of a loved one if certain conditions are met.  If a decedent’s total assets are valued at less than $166,250 and at least 40 days have passed since the date of death, the person who is legally entitled to inherit the decedent’s assets can use a small estate affidavit to collect them.  Some assets, such as those held in trust or joint tenancy and accounts that pass to a named beneficiary upon the owner’s death, do not count towards the total asset limit of $166,250.  When a small estate affidavit can be used, it is significantly faster and less expensive than a formal probate.