Small estate affidavit
A sworn statement that lets heirs collect a deceased person's property without full probate when the estate is under a state dollar limit.
Definition
A small estate affidavit is a sworn statement that lets heirs collect a deceased person's property without a full probate case when the estate is below a dollar limit set by state law. The heir signs the affidavit and gives it to the bank, company or other holder of the property, which then transfers it.
The limits, waiting periods and covered property vary by state, and many limits are adjusted every few years. Some states allow a small estate affidavit to transfer real estate; others do not. California's standard small estate affidavit, for example, cannot be used to transfer real property, so a house there needs a separate small-value real property procedure, a court petition or probate. This matters to an investor because a modest inherited house may never show up in a probate case. The heirs may have used a simplified procedure, or the title may still sit in the deceased owner's name. Rules vary by state; confirm with a local real estate attorney.
Source: selfhelp.courts.ca.gov
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