You may have heard of the small estate procedure or affidavit. A small estate affidavit is a written statement to authorize someone to claim a deceased person’s assets outside the formal probate process.
Small estate affidavits can save time and money. Keep reading to learn more about how small estate affidavits work in Missouri.
How Does A Small Estate Affidavit Work?
After a person passes away, the legal process of handling their assets is called probate. Sometimes probate estate is required to prove the validity of the deceased’s will or to determine heirs if there is no will.
A small estate affidavit allows you to use a simplified process rather than using the formal probate proceeding. Certain states require the affidavit to be filed by the court, while other states allow for a small estate affidavit to be submitted by a personal representative under a will, spouse or other distributees of the deceased’s estate.
The main requirement of using an affidavit is that the value of the personal and/or real property of the estate does not exceed a specific value determined by the state.
Small Estate Affidavits in Missouri
In Missouri, small estates can typically be resolved without formal probate if the estate is valued below $40,000. It’s also important to note that the small estate affidavit must be filed with the court. The clerk will ultimately provide the Court’s acknowledgment of the filing and copies for you to use to claim the assets of the deceased person (decedent).
Whether or not a decedent passed with a will, you can use a small estate affidavit after waiting at least 30 days after their passing, assuming no probate estate has been opened.
Estate Administration in Jefferson City, MO
We know how confusing and stressful this process can be. The legal experts at Brydon, Swearengen & England P.C. are here to help.
We offer a variety of options for estate administration in Jefferson City and the surrounding Missouri region.
Whether you need assistance with large or small estate matters, our experienced attorneys can help.
Contact us to get support right away.