What is a Small Estate Affidavit?
Dealing with the loss of a loved one can be overwhelming, especially when it comes to managing their estate. In Texas, a small estate affidavit offers a simplified way to transfer assets without going through a full probate process. This option is particularly useful for families handling smaller estates, helping to save both time and money. What Is a Small Estate Affidavit? A Small Estate Affidavit is a legal document that allows heirs to collect and distribute the assets of a deceased person without going to court. In Texas, this process is available only under specific circumstances and is governed by the Texas Estates Code. It’s an efficient alternative for estates that meet certain requirements, particularly when the value of the estate is modest. Requirements for Using a Small Estate Affidavit in Texas The Estate’s Value Must Be Small The total value of the estate, excluding the homestead and exempt property, must not exceed $75,000. This limit ensures that the affidavit is used only for smaller estates. No Will A Small Estate Affidavit can only be used if the deceased did not leave a valid will. Assets Qualify for Simplified Transfer The affidavit is primarily used to transfer assets
Read More