Small estate laws in Texas were created to enable heirs to obtain property of the deceased without the need for probate. They also can shorten required probate proceeds when certain conditions were met. Small estates can be administered quicker and cheaper too. If the deceased didn't include everything in their trust, small estate laws may help. A professional estate lawyer in Texas can help determine what can be done with these issues following a loved one's death.
How can a small estate affidavit help?
In Texas this small estate affidavit is executed by the spouse and/or the heirs of the deceased. It is presented to the holder of the property so as a bank in order to obtain the property. The main requirement in Texas to use an affidavit is that the value of the property does not exceed $10,000 USD. If it does, a summary administration is allowed. A summary administration is allowed for values of more than $10,000, but less than $20,000. A professional Arlington attorney can help you determine which legal document is required.
Texas law requires the filing of an affidavit within 30 days of the death of the decedent, that's why it is so important to hire a professional attorney quick. After an affidavit is approved by the court, it can be used to collect debts owed to the decedent.
An affidavit must:
- Be sworn to by two disinterested witnesses
- Include all known estate assets and liabilities
- Include the name/address of each distribute
- Include any relevant fact concerning heirship that shows the distributee's right to receive money or property.
If you or a loved one need help with small estate affidavit preparation from a wills & probate lawyer in Texas, call 817-261-5000 today.