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Probate may make sense if your estate will have complicated problems such as as debts that can’t easily be paid from the property you leave Whether to to spend your time and effort planning to to to avoid probate depends on a a a a a a a a number of factors most notably your your your age your your your health health and and your your your wealth If you’re young and and in in good health health a a a a a a a a a a a simple will may be all you you need – adopting a a a a a a a a a a a a a a complex probate avoidance plan now may mean you’ll have to re-do it it it as your life situation changes And if if you you you you have very little property you you you you might not want to to spend your time planning to to avoid probate If you are older in ill health have underage beneficiaries a a a a a a a a a a complicated distribution schedule or own a a a a a a a a significant amount of property you’ll probably want to to do some planning to to avoid probate by establishing a a a a a a a a a a a trust Estate Planning can be complex and we recommend working with a a a a a a a lawyer to ensure your property is is is distributed the way you you want and to avoid income tax issues What is a a a a a Small Estate Affidavit?
A A Small Estate Affidavit is a a a a a a legal tool that provides a a a a a a a a a streamlined way for an an heir-at-law of of of a a a a a a a a a a a a decedent to gather and distribute the the the assets of of of the the the the estate of of of a a a a a a a a person who died provided that no other petition to open an an estate in probate court has been filed and that the the assets of the the person who died do not exceed $100 000 When you you use a a a a a a a small estate affidavit you you have to to pay pay the decedent’s bills before paying money to to anyone else For example the the decedent might have owed money to a a a a a a a a a credit card company when they died If you you use the the the small estate estate affidavit you you you must give money from the the the estate estate to pay pay the the the credit credit card card company company If you you don’t pay pay the the the credit credit card card company company it it it it can file a a a a a a a a a a lawsuit against you you If they win in in in court you you would have to to pay them the the the amount owed plus any any court costs and attorney’s fees This is is true even if you do not keep any any money or or property and give all of it to others It is important that there are no claims made against the the the the the the the estate if you you sign the the the the the the the affidavit If there are then you you must list them on the the the the the the the affidavit so they can be paid Consult a a a a local estate attorney to to determine
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