What is considered a small estate?

Whether you are creating a will to make sure your assets are protected after you pass away or you have been named the executor of an estate, you may be dealing with a number of issues related to estate administration. Since every situation is unique, it is vital to review the individual details concerning the estate and understand how the laws in New York may affect you and your family.

Also known as voluntary administration, decedents who have under $30,000 worth of personal property are considered to have a small estate, according to the New York State Unified Court System. However, if a decedent was the sole owner of real property, he or she cannot have a small estate . If your loved one recently passed away and had no more than $30,000 in personal property but you anticipate legal action (such as a wrongful death claim), an administration or probate proceeding is necessary.

When someone has a small estate and passes away without a will, his or her nearest distributee will typically file for administration of the estate. On the other hand, when a small estate’s decedent had a will, the executor of the estate will submit the death certificate and original will along with the petition.

For estates both large and small, handling wills, trusts and other estate matters properly is pivotal. By understanding the laws and taking the right approach, family disputes and stressful complications could be avoided. Please keep in mind that this information is not a substitute for legal advice.

The following two tabs change content below.
What is considered a small estate?

Ledwidge & Associates

Ledwidge & Associates, P.C. in New York City has years of experience helping clients create estate plans that fit their needs. We have the experience and resources to handle your critical legal matters with the utmost care and attention to detail.