Detailed Answer
In New York, you may use a “small estate affidavit” under SCPA § 1310 to collect personal property when the estate’s assets do not exceed $50,000. This process lets heirs avoid full probate. Follow these steps:
1. Confirm Eligibility
- Decedent owned only personal property in New York (no real estate).
- The total value of personal property does not exceed $50,000.
- The decedent died intestate (without a will).
2. Identify Heirs and Shares
Intestate heirs and their shares follow EPTL § 4-1.1. For example:
- If the decedent leaves a spouse and no descendants, the spouse inherits all.
- If the decedent leaves children but no spouse, the children share equally.
- Other scenarios appear at EPTL § 4-1.2.
3. Gather Documents
- Certified death certificate.
- Affidavit form meeting SCPA § 1310 requirements.
- Proof of heirship (e.g., birth certificates).
- Itemized list of the estate’s assets and their values.
4. Draft and Notarize the Affidavit
Include:
- Decedent’s name, date of death and last residence.
- Statement that no administration proceeding exists.
- List of personal property and its total value.
- Identification of heirs and their entitled share.
Have all affiants sign before a notary public.
5. Present the Affidavit to Holders of Property
Submit the affidavit and death certificate to each custodian (banks, brokers, etc.). They must release property if it falls within SCPA § 1310.
6. Distribute the Assets
Once you receive the assets, divide them according to intestate rules. Keep records of transactions and distributions.
Note: If a decedent left a valid will or if assets exceed $50,000, use voluntary administration under SCPA § 1304 or full probate.
Helpful Hints
- Review all assets carefully to avoid undervaluing the estate.
- Allow up to 30 days for creditors to come forward before distributing funds.
- Keep clear records of distributions to prevent family disputes.
- If you hit the value limit, consult a probate attorney quickly.
- Check with each bank for its own affidavit requirements and forms.
Disclaimer: This article explains New York’s small estate affidavit process. It does not constitute legal advice. Always consult a qualified attorney to discuss your situation.