In the state of Texas, a small estate affidavit is a legal document that can be used to transfer ownership of the assets of a deceased person who died with a gross estate of $75,000 or less and who did not have a will. Under Texas law, a small estate affidavit can be used to transfer ownership of real property, personal property, and financial assets.
Banks may require a small estate affidavit to transfer ownership of assets that were held in the name of the deceased person, such as a checking or savings account, a certificate of deposit, or a safe deposit box. Banks may also require a small estate affidavit to release funds that were held in a joint account or to transfer ownership of a credit card account.
In order to use a small estate affidavit, certain requirements must be met. The person requesting the transfer of assets must be an heir or beneficiary of the deceased person and must provide proof of their relationship to the deceased person. The person requesting the transfer of assets must also provide proof of the death of the deceased person, such as a copy of the death certificate.
To be effective, a small estate affidavit must contain certain information, including:
- The name, age, and address of the deceased person
- The names, ages, and addresses of the heirs
- The relationship of the heirs to the deceased person
- A description of the property that is subject to the small estate affidavit
- A statement that the deceased person did not have a will
- A statement that the gross value of the estate of the deceased person is $75,000 or less
Once the small estate affidavit is completed and signed, it must be filed with the county clerk in the county where the deceased person lived or where the property is located. The county clerk will review the small estate affidavit to ensure that it is complete and accurate. If the small estate affidavit is accepted, the county clerk will issue an order directing the transfer of the assets of the deceased person.
A small estate affidavit can be a useful tool for transferring the assets of a deceased person in Texas. However, it is important to understand that a small estate affidavit is not the same as a will and does not have the same legal effect. If you are considering using a small estate affidavit to transfer the assets of a deceased person, it is important to seek legal counsel to understand your rights and options. A skilled and experienced probate lawyer can assist you in preparing a small estate affidavit and in navigating the probate process in Texas.