Houston Estate Planning and Elder Law Attorney Blog
Some individuals in Texas qualify for what is called a “small estate affidavit,” which simplifies the probate process and serves as an efficient way to pass assets to heirs. When does the small estate affidavit make sense for Texans? What are the requirements? Today’s blog summarizes some of the basics regarding the small estate affidavit, but as always, with specific questions and concerns, you should speak with a Houston estate planning attorney that can look at your circumstances and tailor your legal advice accordingly.
What is the Small Estate Affidavit?
The small estate affidavit is a sworn statement that settles a decedent’s estate. It must be signed by all of the decedent’s heirs (or otherwise signed by someone with legal authority to sign on the heirs’ behalf).
What are the Requirements for the Small Estate Affidavit?
Individuals in Texas are able to use a small estate affidavit only if the decedent died without a will and if that decedent left less than $75,000 in property behind. The $75,000 value does not include the decedent’s home and some other probate-exempt property. Additionally, the decedent must not have left behind more debts than assets, and he or she must not have owned real property in addition to his or her home.
What are the Benefits of the Small Estate Affidavit?
If loved ones find themselves in a situation where their family member did not leave behind a will, and if the family member’s assets meet the above requirements, the small estate affidavit can serve as a helpful tool. It allows for a shorter timeline than the typically inefficient probate process. It is also less expensive than the typical probate process, and it creates fewer hurdles to getting assets into the hands of heirs. There are, however, certain things to keep in mind with the small estate affidavit (i.e., the signature requirements and the filing fees), and it is wise to speak with an attorney if you are thinking about using the affidavit for your loved one’s estate.
Is McCulloch & Miller the Houston Estate Planning Firm for You and Your Loved Ones?
Thinking through your estate plan requires care, attention, and a basic knowledge of what is at stake. At McCulloch & Miller, our team of Houston estate planning attorneys is uniquely equipped to help our clients look at the full picture when they think about their financial future. Whether you are planning for your own probate process or dealing with a loved one’s probate after his or her death, we have the experience to help you navigate every detail. Our decades of experience in the Houston community have taught us the value of client-centered, holistic representation, and we are proud to provide our clients with the highest quality of legal services possible.
For a consultation with a Houston estate planning attorney from our firm, give us a call today at 713-903-7879. You can also fill out our online form with your contact information to have an attorney get back in touch with you as soon as possible about your estate plan.