After losing a loved one, the last thing you want to worry about is a long probate process. After all, probate takes a lot of time and can be very expensive. In some cases, however, you can avoid probate by using a California Small Estate Affidavit. This document is also known as an Affidavit for Collection of Personal Property.
When Can I Use A Small Estate Affidavit?
If the value of the estate is less than $166,250, a beneficiary can often avoid probate by completing a Small Estates Affidavit. Some property is excluded in determining this value, such as property held in joint tenancy, and certain amounts of income the deceased had earned from his or her employment but not paid out at the time of death.
You must also declare that you are the rightful beneficiary of the property. This normally means that you are listed as a beneficiary in the decedent’s will. If the decedent did not have a will, however, then you must be an heir entitled to the assets pursuant to California’s laws of succession that apply when a will does not exist.
What Do I Need To Do?
You must prepare the affidavit that meets the requirements of California Probate Code Section 13100 and 13101. You must wait until at least 40 days after the decedent has passed away before you sign the affidavit. You must also include the decedent’s death certificate with the affidavit, and have your signature notarized.
While the affidavit is often simple to use, problems can arise when contacting parties that hold the assets. Many employers who owe the decedent money are unfamiliar with the process. Banks and other institutions may ask for additional information or the use of their own forms. If you would like assistance preparing the affidavit or collecting assets, please contact us. We can help you determine if you qualify for this process, calculate the value of the estate, gather the required information and documentation, prepare the affidavit, and collect the assets. We would be pleased to assist.