What Is the Maximum Dollar Amount Needed For A Small Estate, Administrator Form?

Good lattttteee evening Dolls,

Happy Monday/Tuesday to you all.  My apologies for this extremely late post.  I didn’t get home until 1:00 am.  Whyyyyyy?  🙂  Anyway, I hope you had a fantastic and amazing Thanksgiving, if you celebrate it.  I spent the best 2 days in MD, with my family, dancing, singing and just enjoying them  If you are my friend on FB, you can see me live, in living color :-). Of course I was happy to see my son too, who is becoming a grown man right before my eyes.  Not sure where 19 years went, but I am enjoying the ride 🙂

Last week, you will remember that I wanted to talk about limits that require you to fill out a certain Administrator form when a person passes away without a Will.  This information is so important because I know there are people who get frustrated with the whole process and eventually stop trying to locate funds of their loved ones.  Why?  Because the process is too cumbersome AND you are still grieving.  These articles are meant to help guide you in case you’re ever in this situation or knows someone who is.

Small Estate Administration

The small estate administration is a simplified court procedure available if the person who died did not have many assets. You can ask the Surrogate’s Court to let you divide and give away their property to people who have a legal right to inherit.  To do this you need to file a form called an “Affidavit of Voluntary Administration,” also known as the “small estate affidavit.”  There is a free program that will help you create the affidavit that you will need to file in Surrogate’s Court.  There are stipulations as to if this form can be used or not.  Here are the scenarios that you can use it for:

  • If the person passed away between August 29, 1996 and December 31, 2008 AND had $20,000 or less in personal property (not land or buildings).
  • If the deceased passed away after January 1, 2009 AND had $30,000 or less in personal property.
  • If the deceased owned real property, he/she owned it jointly with someone else and you don’t plan to sell the real estate.

Here is a checklist of what is required, if ever needed (similar to last week’s checklist:

  • The name and address of the deceased
  • A certified copy of the death certificate
  • The name and address of the deceased’s husband or wife, children, and grandchildren.
    • If the deceased did not have a husband or wife, children or grandchildren, the name and address of the deceased’s father and mother.
    • If the deceased’s parents are no longer living, the name and address of the their siblings.
    • If the deceased’s siblings are no longer living, then the name and address of the siblings’ children.
    • If none of the above family members of the deceased’s are living, then the name and address of any aunt or uncle should be provided.
  • The original Will, if the deceased had a Will, and the names and addresses of people mentioned in the Will.
  • If the deceased had assets, the value of each asset. You will need account numbers and serial numbers of assets. Assets may include the following: bank accounts (not joint accounts), investment accounts, insurance policies, and cars and boats
  • The deceased’s unpaid creditors. This may include the following: credit card bills, utility bills, and funeral expenses

As always, if you have any further questions, please post here or email me@: thefinancialcomforter@gmail.com.

I know this process is tedious, but there are available resources to assist.  Always fight for what is yours, even if it takes a while.

To make this more digestible, next week, I will refer to dollar amounts over 30,000 and the role of the Probate  court.

Thank you and have a beautiful and blessed week!

Marsha

Changing the lives in our community….one family at a time

 

 

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