Wednesday, July 18, 2018

Can a Small Estate Affidavit Transfer Title to Homestead Property?

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:

  1. The deceased person died without a Will;
  2. At least 30 days have passed since the date of death;
  3. No person has filed an application to be appointed as personal representative of the estate;
  4. The value of the probate estate is $75,000 or less, not counting the value of the homestead and other exempt property; and
  5. 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

No comments:

Post a Comment