Many people have heard of the probate and estate settlement process, but wonder what it is and what the probate process entails. To put it simply, probate is the process the probate court uses to make sure the deceased person's creditors are paid through estate settlement and that anything left goes.
Unfortunately, the probate and estate settlement process can be anything but simple, depending on the size and nature of the asset to be administered, the number of parties involved in the probate and estate settlement process, how well the parties get along, and many other factors. Complex probate and estate settlements are made all the worse by the fact that the family is in the state of mourning and under a great deal of stress. The last thing most families want to deal with at a time like this is the probate court system.
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WHAT IS A SMALL ESTATE?
A small estate proceeding may be opened for people who died after April 26, 2001, and had assets with a total value of $40,000.00 or less. If the person died between January 1, 1981, and June 30, 1995, the value of the estate must be $10,000 or less to qualify as a small estate. If the person died between July 1, 1995, and April 26, 2001, the value must be $15,000 or less to qualify.
WHAT IS THE DIFFERENCE BETWEEN A SMALL ESTATE AND A LARGE ESTATE?
Generally, the type and amount of assets - the assets of a small estate are $40,000.00 or less for people who died after April 26, 2001. A large estate can be opened for an estate of any value.
