In Washington, a Simple Estate Affidavit (also known as a Small Estate Affidavit) is a legal document that allows heirs or beneficiaries to access and transfer assets from a deceased person’s estate without going through the formal probate process. The use of the Affidavit is streamlined, cost-effective, and typically used when the estate meets certain criteria. Let’s take a closer look.
Key Requirements for Using a Simple Estate Affidavit in Washington
There are four main requirements for using a Simple Estate Affidavit. These are:
- Asset value limit: The total value of the decedent’s probate estate must not exceed $100,000. This includes property, bank accounts, and other assets subject to probate.
- Waiting period: The affidavit can only be used if at least 40 days have passed since the decedent’s death.
- No pending probate: There should be no active probate proceedings for the estate. If the estate has already entered probate, the affidavit cannot be used.
- Proper heir or beneficiary: The person filing the affidavit must be entitled to the assets as an heir, beneficiary, or through the decedent’s will.
Steps to Using a Simple Estate Affidavit
The process for using a Simple Estate Affidavit is quite straightforward. An heir or beneficiary first obtains a form. Please note that Washington does not have a statewide form for this process, but many counties provide one. The form typically asks for details about the decedent, their assets, and the person claiming the assets.
The person who is filing the Affidavit must sign it under oath and have it notarized.
Once you complete and sign the Affidavit, you present it to the institution that holds an estate asset, such as a banks or other financial institution. The institution should then release the asset to the rightful heir or beneficiary.
Benefits of Using a Simple Estate Affidavit
There are two main benefits to using a Simple Estate Affidavit.
The first is that the Affidavit allows you to avoid probate. By avoiding probate, the process of distributing a decedent’s estate can be faster and less expensive.
A second main benefit to the Affidavit is that it’s simple. The document simplifies the process for smaller estates that meet the value limit, allowing heirs to manage the estate without court supervision.
Contact a Skilled Probate or Estate Planning Attorney for Help
Granted, using a Simple Estate Affidavit is relatively straightforward. However, you should still consult a probate or an estate planning attorney for help. An experienced lawyer will help you determine if you can meet the requirements for using an Affidavit.
An attorney will also help you identify all assets related to a particular estate. The lawyer can then assist in making sure you present the Affidavit to the right institution to receive all relevant assets.
Contact The McWilliams Law Group for Help
The established California and Washington probate and estate planning attorneys at the McWilliams Law Group help you prepare for the future today. Our attorneys can help you determine whether your estate plan requires a living will, a healthcare power of attorney, or another related document.
Note that our firm provides legal assistance with the following:
- Will drafting, execution and review
- Living Trusts
- Advance healthcare directives (living Wills)
- Powers of attorney
- Estate and gift tax issues
- Guardianships and conservatorships
- Choosing the appropriate executor and/or trustee
The skilled attorneys at our firm can help thoroughly analyze your estate and strategize the best means of transferring your assets, minimizing taxes, establishing guardianship, and supporting philanthropic causes. Contact us now and let us help protect your personal security, family, and legacy.
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