Originally published by Rania Combs.
A small estate affidavit is a legal document that can be used to transfer property to heirs without a formal probate.
Heirs can take advantage of this procedure only if:
- The deceased person died without a Will;
- At least 30 days have passed since the date of death;
- No person has filed an application to be appointed as personal representative of the estate;
- The value of the probate estate is $75,000 or less, not counting the value of the homestead and other exempt property; and
- The total assets (not counting homestead and exempt property) exceed the total known debts of the estate (exclusive of debts secured by homestead and exempt property).
Heirs can use a small estate affidavit to transfer title in real property only if the deceased person’s real property was his or her homestead, and the deceased person is survived by a spouse or minor children.
If the property is not the deceased person’s homestead and he or she is not survived by a spouse or minor children, then a small estate affidavit cannot be used to transfer title to property. In that case, a determination of heirship proceeding may be necessary.
Curated by Texas Bar Today. Follow us on Twitter @texasbartoday.
from Texas Bar Today https://ift.tt/2uLx8kj
via Abogado Aly Website
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