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Simple English definitions for legal terms
Small estate
Read a random definition: Promissory note
A quick definition of Small estate:
Small estate: A small estate is when someone who has passed away has left behind limited property or money. When this happens, the process of dividing up their belongings and money can be very long and expensive. To make things easier, some states have created rules for small estates. These rules allow for a quicker and less expensive process for dividing up the property and money. The rules vary by state, but they usually apply to estates that are worth less than a certain amount of money. Some states require a quick legal process, while others allow the process to be skipped entirely with just a death certificate and a written statement from each person who is entitled to a share of the estate.
A more thorough explanation:
Small estate refers to an estate with limited value that can go through a shorter probate process or avoid probate altogether. Probate is a legal process that can be lengthy and expensive for all parties involved. To make things easier, states have created small estate classifications for estates valued below a certain amount.
For example, in some states, an estate valued below $30,000 can go through a quick probate process that often does not require a lawyer. In other states, probate can be skipped entirely, and only a death certificate and an affidavit from each person claiming to be entitled to part of the estate are required.
These examples illustrate how small estate classifications can make the probate process easier and less expensive for those involved.