What is a Small Estate Affidavit?
A Small Estate Affidavit is a process that can be used to administer a deceased person’s estate without probate. A Small Estate Affidavit is used to liquidate deceased person’s assets such as bank accounts and investment accounts. The Small Estate Affidavit is a two-page form that includes the Decedent’s information, description of the personal property and which portion you are requesting. This form also has to be notarized.
Not all estates qualify for a Small Estate Affidavit. The three main requirements to qualify for a Small Estate Affidavit are:
- Value of estate must be under $100,000.00
- No real estate
- There must be enough assets to pay the Decedent’s debt
If the estate meets the requirements and you are able to use a Small Estate Affidavit, submitting the Small Estate Affidavit to the financial institution can be a smooth process, depending on the financial institution. We have seen that smaller financial institutions such as local credit unions and bank are more familiar with the Small Estate Affidavit process but national banks such as Bank of America, are not and as such, they can be more difficult and may not accept the Small Estate Affidavit.
While having an attorney is not required to complete a Small Estate Affidavit, it’s always a good idea to consult with an attorney to ensure the estate qualifies and have any questions you have answered. If you need assistance with a Small Estate Affidavit or have any questions, feel free to give us a call or text us at (206) 408-8158. We look forward to helping you today.
If you need assistance or have general questions, contact our office today at (206) 408-8158 for a consultation to discuss estate planning needs.
19803 1st Avenue S.
Normandy Park, WA 98148
T (206) 408-8158
F (206) 374-2810
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