Is a Small Estate Affidavit needed to obtain my less than $5000 in shares I inherited?
Full Question:
Answer:
Generally, the small estate affidavit law of the state where the parent was domiciled will apply. The answer will be a matter of personal judgment, after taking the requirements of the applicable laws and forms required into account. If the estate does qualify for small estate administration, the small estate affidavit is typically not a very long form, for example, the MT form is only one page. The forms generally require basic information about the date and location of the decedent's death, the amount of assets in their estate, and the identity of potential heirs. Fees to have a form notarized are typically not more than $5. My local notary only charges $1.
If the estate doesn't qualify for small estate administration, an executor or adminstrator will need to be appointed accordinging to the laws of the state. The formal probate process is more involved than a summary administration process such as small estate administration, but it is possible to accomplish without the need to hire an attorney.
I suggest you preview the the information and forms at the link below before making a determination.
The following are MT statutes, provided as an example:
72-3-112. Venue for estate proceedings.
(1) Venue for the first informal or formal testacy or appointment
proceedings after a decedent's death is:
(a) in the county where the decedent had his domicile at the time of his
death; or
(b) if the decedent was not domiciled in this state, in any county where
property of the decedent was located at the time of his death.
(2) Venue for all subsequent proceedings within the exclusive
jurisdiction of the court is in the place where the initial proceeding
occurred unless the initial proceeding has been transferred as provided
in 72-1-203 or subsection (3) of this section.
(3) If the first proceeding was informal, on application of an interested
person and after notice to the proponent in the first proceeding, the
court, upon finding that venue is elsewhere, may transfer the proceeding
and the file to the other court.
72-3-1101. Collection of personal property by affidavit.
(1) Thirty days after the death of a decedent, any person indebted to the
decedent or having possession of tangible personal property or an
instrument evidencing a debt, obligation, stock, or chose in action
belonging to the decedent shall make payment of the indebtedness or deliver
the tangible personal property or an instrument evidencing a debt,
obligation, stock, or chose in action to a person claiming to be the
successor of the decedent upon being presented an affidavit made by or on
behalf of the successor stating that:
(a) the value of the entire estate, wherever located, less liens and
encumbrances, does not exceed $50,000;
(b) 30 days have elapsed since the death of the decedent;
(c) no application or petition for the appointment of a personal
representative is pending or has been granted in any jurisdiction; and
(d) the claiming successor is entitled to payment or delivery of the
property.
(2) A transfer agent of any security shall change the registered
ownership on the books of a corporation from the decedent to the successor
or successors upon the presentation of an affidavit as provided in
subsection (1).
