Generally speaking, any creditors of a decedent at the time of his death can file a claim against the decedent's estate. The executor of the estate has a duty to pay any creditors that make a legitimate claim against the estate before distributing assets to the decedent's heirs. The process the estate goes through probate and how creditors are allowed to file claims is governed by state law.
This form is a settlement of certain claims against the estate.
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Exempt property is personal property of the person who died, worth up to $10,000, that the Personal Representative must give to certain family members.
A probate is required when a person dies and owns property that does not automatically pass to someone else, or the estate doesn't qualify to use the Affidavit for Collection of Personal Property procedure. A probate allows a Personal Representative to transfer legal title of that property to the proper persons.
If the estate only includes personal property (e.g. bank accounts, household items, insurance payable to the estate, motor vehicles, boats) valued at less than $50,000 (plus $100,000 in motor vehicles), and an heir or devisee is willing to wait 30 days after death, he is authorized to collect the property by presenting ...
If you want to avoid probate, you will also need to transfer ownership of all of your property to the revocable trust or name the revocable trust as a beneficiary of your property.
Alaska's ?small estate? threshold is: The estate value (after debts owed are paid) is less than $50,000 in personal property and $100,000 in vehicles.
In fact, many estates can be settled without any court involvement at all. Estates valued at less than $50,000, plus $100,000 worth of motor vehicles, can often avoid the probate process in court, provided the estate contains no real property (land or a home).
Under Alaska statute, where an estate, less liens and encumbrances, consist of (a) vehicles whose total value does not exceed $100,000; and (b) personal property, other than vehicles described above, that does not exceed $50,000, an interested party may, thirty (30) days after the death of the decedent, issue a small ...
