Every state has a set of procedures that allow for a simplified probate process. Simplified probate, sometimes called summary probate, is a way to transfer estate property to new owners without having to go through the often complicated and lengthy process of formal probate. Though the exact rules for simplified probate differ by state, let’s take a look at two different types of simplified probate.
Summary Administration: In some states, the personal representative can begin transferring estate assets almost immediately after being appointed, as long as certain conditions are met. The personal representative, sometimes called an executor, is the person appointed by the court to handle the estate settling process. If the estate qualifies, the administrator does not have to provide notice to creditors and can begin distributing estate property immediately. Once finished, the administrator files a verified statement with the probate court stating the details of the distribution.
Collection of Personal Property By Affidavit: Another form of simplified probate allows inheritors to file an affidavit with the court and take estate property directly. Affidavits are sworn statements in which people claiming property must swear under oath that they are entitled to receive that property. However, the person filing the affidavit must be certain there are no disagreements about who is entitled to the property, and the property itself must be less than a specific amount as determined by state law.
- Bill Nye the Science Guy on Wearing Masks in Public - July 11, 2020
- Low-Interest Loans: An Estate Planning Technique - June 23, 2020
- Irrevocable Medicaid Trusts - June 16, 2020
Leave a Reply