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In its simplest sense, fair market value (FMV) is the price that an asset would sell for on the open market.
Probate is the process through which a deceased person's property, known as the estate, is passed to his or her heirs and legatees (people named in the will). The entire process, supervised by the probate court, can take up to a year to fifteen months.
Both spouses live in New Hampshire. The spouse initiating the separation has lived in New Hampshire for at least one year. The spouse initiating the separation lives in New Hampshire and their partner can be served in New Hampshire.
What Is a Financial Affidavit? A financial affidavit, which has different names in each state, is a statement showing your income, expenses, debts and assets. It allows a court to figure out how much spousal support and child support it should award.
Small estates involving only personal property with a value of $10,000 or less are eligible for a simplified form of administration called Voluntary or Small Estate Administration, if the decedent died prior to January 1, 2006.
If the estate is small and has a reasonable amount of debt, six to eight months is a fair expectation. With a larger estate, it will likely be more than a year before everything settles. This is especially true if there's a lot of debt or real estate in multiple states.
The will and a petition for probate must be filed with the court in the county where the decedent lived or had property if they lived out of state. An executor or administrator is appointed and approved by the court. The executor must take inventory of all the assets and may need to have some appraised.
The procedure is straightforward. A claim may be filed either in the district court where the plaintiff lives, where the defendant lives, or where the legal wrong arose. The small claim is filed with the district or municipal court clerk.
How Long Does Probate in New Hampshire Take? Probate will take at least six months by the time you file all the paperwork and pay creditors.