Q: What is the difference between Small Estate Affidavit and Affidavit RE Real Property Small Value for use in California
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A:
In California, a Small Estate Affidavit and an Affidavit RE Real Property of Small Value serve distinct purposes when dealing with a deceased person's estate. A Small Estate Affidavit is used to claim personal property, such as bank accounts or vehicles, without going through formal probate, as long as the total value of the estate is $184,500 or less. This affidavit can be used 40 days after the person's death and helps transfer ownership quickly and easily.
On the other hand, the Affidavit RE Real Property of Small Value is specifically designed for transferring real property, like land or a house, valued at $61,500 or less. This process can only be initiated six months after the decedent's death. The form requires more detailed information about the property and the decedent's estate.
In summary, the Small Estate Affidavit covers personal property under $184,500 and can be used after 40 days, while the Affidavit RE Real Property of Small Value applies to real property worth $61,500 or less and requires a six-month waiting period. Both affidavits streamline the process of transferring assets without formal probate but are intended for different types of property and have different value limits and timelines.
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