Full question:
My mother died in 2008, She owned a Chas Schwab stock portfolio which is worth approximately $52,000. My brother and I would like to use a Small Estate Affidavit to have this property released to us. Chas Schwab headquarters is located in California, I live in Idaho where my mother died, my brother lives in Texas. Can I have the affidavit notarized in Idaho? Does my brother have to sign jointly if we want the stock portfolio in both our names? Or do we abide by state law in California or Texas?
- Category: Wills and Estates
- Subcategory: Small Estates Affidavit Law
- Date:
- State: Idaho
Answer:
In general, the estate is administered where the decedent lived at the time of death. Since your mother died in Idaho, you can use an affidavit there. The affidavit can be notarized in Idaho, and only the person making the affidavit needs to sign it. However, if you both want the stock portfolio in both names, your brother should also sign the affidavit.
Keep in mind that financial institutions like Charles Schwab may have their own requirements for transferring assets. It's advisable to contact Schwab directly at to discuss the account and the transfer process.
According to Idaho law (Idaho Code § 15-3-1201), you can collect personal property through an affidavit if:
- The total value of the estate is under one hundred thousand dollars.
- At least thirty days have passed since your mother's death.
- No application for a personal representative is pending.
- You are entitled to the property as a successor.
Following these guidelines should help you proceed with the Small Estate Affidavit in Idaho.
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.