Laws surrounding probate and other associated legal procedures can vary by state. In most cases, alternative legal options, such as a small estate affidavit, are available if the deceased’s estate meets specific conditions. This more straightforward and quicker method also deals with someone’s assets after death if the estate is small enough in value.
In New York, this alternative, also known as voluntary administration, streamlines the administration of the estate, considering its worth. Eligibility may vary based on the circumstances, including the following conditions:
- The estate’s value does not exceed $50,000.
- The deceased does not own any real estate properties.
- The deceased has no other complex asset types that may require a more formal legal process.
Beneficiaries and heirs can administer the assets with minimal legal intervention if the estate qualifies for the simplified procedure. However, an immediate or close family member must still file some relevant paperwork at the surrogate’s court where the deceased resided.
This person would be the voluntary administrator who will serve as an overseer. They will be responsible for distributing assets based on any instructions left by the deceased or state law. They also have the task of completing other necessary duties, such as organizing financial assets and requirements.
Understanding probate and estate administration
There is no guaranteed way to determine if an estate will become eligible for the simplified process. Surviving family members might only confirm this information after collecting the deceased’s assets and receiving legal counsel. Fortunately, there are ways to prepare for these scenarios, especially if the goal is to avoid probate. Before establishing these arrangements, consider getting experienced insight to understand the situation better and foresee what may happen in the future.
