Estate administration is broken down into the two following categories:
Estates Under $100,000: If the assets of the decedent does not comprise real property and the assets are under $100,000, there is no need for a probate or lawyer. Such assets may be distributed by affidavit. This may be done if no probate has been filed within forty days after the death of the decedent. Assets used to determine whether the estate’s assets are under $100,000 does not include non-probate assets.
Estates Comprised of Non-Probate Assets: A decedent may have utilized various procedures to apportion their assets so that they are not part of their estate at their death and pass outside of any will that may have been executed. For example: trusts, a community property agreement, retirement plans, private annuity contracts, grantor retained interests and qualified disclaimers. For more information regarding non-probate assets, contact PS Probates for legal advice from a local probate lawyer in Bellevue, WA.