Does the Size of an Estate Matter?Are you afraid that the size of an estate can affect the ability to easily transfer your assets to your heirs? Watch this video by an experienced Buffalo estate planning attorney for clarification. If you still have estate planning questions, contact dedicated attorney Thomas F. Hewner to schedule a confidential consultation. He welcomes the opportunity to serve you and handled all of your estate planning needs.
- Estates with assets of less than $30,000 and no real estate can be handled via a voluntary administration – a very short form estate – using a four-page form that lists everyone involved in the estate.
- Sans a valid will, the form lists distributees; however, if there is a will, it lists beneficiaries. It also names the person petitioning for the letters and lists the specific assets to be administered.
- A small estate grants specific authority to handle certain assets, such as bank accounts and vehicles, and the court issues certificates permitting the petitioner to collect those assets, but this method does not apply to real property.
- This process is much more efficient, and the filing fees are minimal – perhaps only a dollar – and it offers a very simple procedure to close up a loved one’s affairs.