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An affidavit of collection allows heirs to legally take ownership of a deceased’s assets without going to probate court if the estate value is small enough. It’s not possible for real estate. The affidavit is a simpler and shorter process than probate, and many courts provide their own forms. Only certain individuals have legal standing to file the affidavit.
An affidavit of collection of personal assets or affidavit of collection of real estate is used by an heir or beneficiary of the deceased to legally assume ownership of the deceased’s assets instead of going to probate court. Many court systems allow the use of this legal document in cases where the property is small enough, less debts and liens. Each jurisdiction sets its own estate value amount, and if the value of the estate exceeds this amount, heirs often have to go to the probate court. It is often not possible to file an affidavit of collection to obtain real estate. The registrant, the person who signs the affidavit, must often initiate probate proceedings in order to obtain a legal transfer of the deceased’s real estate.
The purpose of the collection notoriety deed is to provide heirs of small estates with a useful means of acquiring possession and ownership of personal property owned by the deceased. Probate proceedings can be a lengthy process, but an affidavit of collection to obtain personal property is a much shorter process. It’s also a simpler process because no court hearings are needed. Both courts and estate collectors benefit from using this affidavit, especially when the collector is a surviving spouse. The spouse can access the funds necessary for living expenses, to manage the financial affairs of the inheritance or to provide for child support.
It is often not necessary for collectors to write an affidavit of collection because many courts provide their own forms. The clerk has the forms available and the clerk is the one who will receive and approve the affidavit. The form is often short, consisting of one or two pages listing various types of personal property, such as brokerage accounts, bank accounts, and insurance proceeds. The court may also require an account of assets that are subject to probate hearings, such as real estate and interests in business ownership. The purpose of listing such assets is to determine the total value of the estate, which is used to determine whether a probate proceeding is required in lieu of a collection affidavit.
Collectors must have the legal ability to file an affidavit of collection with the court. Common examples include a surviving spouse, child or parent. The jurisdiction’s probate code may also give legal standing to other individuals, such as a guardian of estate.
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