What Are the Simplified Procedures for Small Estates?
In California, small estates benefit from simplified legal procedures designed to expedite the process and reduce costs. You can explore the following for a streamlined estate administration of your deceased loved one’s assets.
Small Estate Affidavit
The Small Estate Affidavit allows you to bypass formal probate entirely. To use this procedure, you must wait 40 days after the decedent’s death before taking action. You must ensure that no probate case has been opened for the estate.
Then, you must prepare an affidavit declaring their rights to the estate. This document must include specific information, such as the decedent’s name, date of death, and a description of the claimed property. Additionally, it must state that no other person has a right to the assets and that the total estate value falls within the qualifying limit.
After preparing the affidavit, you must sign it under oath in the presence of a notary. They then present the signed affidavit to the institutions holding the decedent’s assets, such as banks. Without court intervention, the institutions holding the assets will transfer them to you as the heir, based on the affidavit.
