When probate property is part of an estate, the process of dividing the estate can take a long time. However, there are often other options available to cut down on the length of this process and avoid probate altogether. When the value of the probate property is small enough, Collection by Affidavit may be an option – to avoid the lengthy probate proceedings. If you are considering Collection by Affidavit as an option for settling an estate, our attorneys are here to help.
Qualifying for Collection By Affidavit
Collection by Affidavit is often a great option to close an estate more quickly and without as much court involvement. However, it is not available for everyone. In order for an estate to qualify for Collection by Affidavit in the state of Minnesota, the net value of the probate assets of estate must not exceed $50,000. Non-probate assets are not considered in this process. For example, if the deceased has a $500,000 life insurance policy with a living beneficiary, then this asset will not be calculated into the total value of the probate assets.
There are several other limitations when it comes to Collection by Affidavit in Minnesota. Those limitations include:
- A minimum of 30 days must pass after the date of death;
- A certified copy of the death certificate must be attached to an Affidavit;
- No open or pending probate can exist; and
- Only the individual entitled to the property may present the Affidavit
In Minnesota, Collection by Affidavit significantly reduces the amount of time and stress involved in closing an estate. When an estate qualifies for Collection by Affidavit, there is no need for a personal representative or court involvement.
Rather, the person with the legal right to property (either through Will or laws of succession) will present a completed affidavit to the individual or entity in current possession of the property. Once the affidavit is presented, there is a legal obligation to transfer the property to the rightful owner. With the right guidance, Collection by Affidavit often can be completed in approximately 30 days, saving the heirs of an estate a lot of time and money. When considering Collection by Affidavit as an option to close an estate, you should contact a qualified probate attorney in order to ensure the proceedings are handled correctly.
If you are going through probate in the state of Minnesota, our attorneys are here to help. Our lawyers have represented thousands of clients since 1998, and we can help with special considerations – such as Collection by Affidavit. Contact our firm at 763-323-6555 for a free consultation.