What is an Affidavit of Small Estate
In the aftermath of a loved one’s death without a valid will, the prospect of probate can seem daunting Oklahoma’s Small Estate Affidavit offers a faster alternative, allowing heirs to claim modest estates without formal court intervention.
You can use an Affidavit of Small Estate when your loved one died without a last will and testament and that is the most important part before you may use an Affidavit of Small Estate.
These Affidavits are good for accessing bank accounts and things that are worth less than $50,000. It cannot be $50,000 in one cent. That means it’s over $50,000. It must be less than $50,000. You cannot use an Affidavit of Small Estate for real property. That would require you probating the estate of the loved one. An Oklahoma probate attorney can assist you to determine what may be the best approach for settling your loved one’s small estate.
What are the Requirements for an Affidavit of Small Estate
To qualify, no petition for appointment of a personal representative may be pending in any jurisdiction, and all estate debts and taxes must be paid or barred by limitations. Affidavits must be sworn under oath—affirming details such as the decedent’s date of death, heir relationships, and a description of property—and notarized in accordance with statutory requirements.
Upon receipt of a valid affidavit, financial institutions and transfer agents are legally bound to release the described assets to the heirs. Real property, jointly held assets, and trust‑owned accounts remain outside this expedited process and require traditional probate or trust administration
Get a Free Consultation Today
If you need help navigating the Affidavit of Small Estate process, contact Oklahoma Will and Trust at (918) 876-4500 for a low-cost initial consultation. Don’t wait, get the assistance you need today.