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Small Estate Affidavit In A Texas Estate Plan - Sheehan Law PLLCIn this article, you can discover:

  • When it’s appropriate to use a Small Estate Affidavit in Texas.
  • Which situations qualify for a Small Estate Affidavit.
  • Why hiring an attorney for filing a Small Estate Affidavit is highly advisable.

When Is It Appropriate To Use A Small Estate Affidavit?

A Small Estate Affidavit is an appropriate legal instrument under specific circumstances where the court’s involvement is necessary to transfer assets, yet the estate in question is not substantial enough to warrant a formal administration. This procedure becomes a viable option when the total value of the estate does not exceed $75,000, excluding any real estate homestead. Applicable assets might include retirement benefits or bank accounts without designated beneficiaries, provided they fall below the $75,000 threshold. It is imperative to note that the decedent must not have left a will to employ a Small Estate Affidavit. Additionally, its use is restricted to transferring a homestead exclusively between spouses, excluding other types of real estate transfers.

Which Situations Qualify For A Small Estate Affidavit?

Qualification for a Small Estate Affidavit necessitates specific conditions: the absence of a will, an estate valued at less than $75,000 (excluding real estate), the absence of minor heirs, and the transaction involving only the transfer of a homestead between spouses.

Can I Use A Small Estate Affidavit To Transfer Real Estate?

The use of a Small Estate Affidavit for transferring real estate is strictly limited to homestead properties, and only when the transaction occurs between spouses.

What Are Exempt Assets In Texas?

In Texas, the concept of exempt assets in the context of probate does not apply; the term itself is not recognized in legal parlance within the state. While there are situations that may not require probate proceedings, this does not render any assets categorically exempt. However, it is noteworthy that the term ‘exempt assets’ is relevant in other legal contexts, such as Medicaid qualification. It is crucial to differentiate between probate and non-probate assets in this discussion.

What Would Be Non-Probate Assets?

Distinguishing between probate and non-probate assets is essential. Probate assets are those that fall under the will’s governance or are subject to the probate court’s jurisdiction, encompassing real estate, vehicles, personal belongings, and assets lacking beneficiary designations. Conversely, non-probate assets, such as accounts, life insurance policies, or retirement plans with designated pay-on-death or transfer-on-death beneficiaries, are not under probate court jurisdiction and are thereby exempt from the probate process.

Do I Need To Hire An Attorney To File A Small Estate Affidavit?

While hiring an attorney is not a mandatory requirement for filing a Small Estate Affidavit, it is highly advisable. The process entails intricate details and demands a high level of precision. Given the non-refundable filing fee, typically exceeding $300, any errors made in the affidavit necessitate re-filing rather than a simple correction, resulting in additional costs and potential delays. Securing legal counsel to review all documentation ensures compliance with court expectations and facilitates a smoother transaction process.

For more information on Small Estate Affidavit In A Texas Estate Plan, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (512) 355-0155 today.

Farren sheehan, Esq.

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