There are no shortcuts in life (they say) but when it comes to a deceased’s estate upon death these may count:
- Shortcut #1 – Muniment of Title: If the deceased’s estate meets the criteria below then it is eligible for muniment of title which allows assets to transfer directly to beneficiaries.
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- There must be a valid Will.
- The deceased’s estate must have no unpaid debts other than one secured by a lien on real estate.
- There must be an application filed to probate Will by Muniment with some special language about debt.
- Shortcut #2 – Small Estate Affidavit: If the deceased died without a Will the heirs may be able to use the “small estate affidavit” to transfer ownership of the assets if:
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- Assets are greater than the debts of the estate (excluding homestead value and associated debt).
- 30 days have not passed since the date of death.
- No petition for appointment of Executor has been granted.
- Value of estate (excluding homestead) is not larger than $75,000.
- An Affidavit is filed with the clerk of the proper court.
PS. Just because your situation may fit into one of these categories doesn’t mean the banks/investment companies will accept them. Call us to talk it over before taking any action.