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Can a Small Estate Affidavit be used for an $80,000 property?

Can a Small Estate Affidavit be used for an $80,000 property?

Full question:

Can a Small Estate Affadavit be used when property is valued at $80,000.00? What would be used instead?

Category: Power of Attorney
Subcategory: Real Estate
Date: 04/07/2025
State: New York

Answer:

A Small Estate Affidavit cannot be used if the estate is valued at $80,000. The small estate procedure is limited to estates with a gross value of $20,000 or less, or $30,000 or less if filed after January 1, 2009. This value includes all personal property but excludes real property (N.Y. EPTL § 1301).

If the estate exceeds these amounts, it must go through regular probate procedures. If the decedent left a will, you would file a petition to probate the estate and appoint an executor. If there is no will, intestate administration is necessary, which involves filing a petition for letters of administration to appoint an administrator to manage the estate.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

How long does it take to get a small estate affidavit approved?

The approval time for a small estate affidavit can vary by state and the specific court. Generally, it may take a few days to a few weeks after submission, depending on the court's workload and whether all required documents are in order. In some cases, additional information may be requested, which can extend the process.

What is the difference between a small estate and a probate estate?

A small estate typically refers to an estate that qualifies for simplified procedures due to its low value, often under $20,000 or $30,000 depending on state law. A probate estate, on the other hand, involves a larger estate that must go through the formal probate process, including validating a will and appointing an executor or administrator.

What are the rules for small estate in NY?

In New York, small estate procedures apply to estates valued at $20,000 or less, or $30,000 if filed after January 1, 2009. This value includes personal property but excludes real property. To use a small estate affidavit, the estate must meet these criteria; otherwise, regular probate procedures are required (N.Y. EPTL § 1301).

Can I sell a house with an affidavit of heirship?

Selling a house with an affidavit of heirship can be complicated. An affidavit of heirship establishes who the heirs are but does not transfer title. To sell the property, you typically need to go through probate or obtain letters of administration, especially if the estate exceeds small estate limits. Consulting an attorney is advisable to navigate this process.

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