What is a small estate? by Jesica L. Thorson

When a loved one is lost, the family needs to determine if probate administration is necessary to help transfer assets to the heirs. Recently, Indiana law changed to make this process easier for estates that are less than $100,000. This is what Indiana qualifies as a “small estate.” If the value of the assets left behind is less than $100,000 then the assets may be transferred using a small estate affidavit. This is a simpler process than the formal probate process that involves the court. It is important first to determine that the assets are held solely by the individual at the time of their death and that there were no joint owners, beneficiaries, or payable on death designations. Once this is determined, it is necessary to determine who the heirs are by virtue of a Will or Indiana’s intestacy laws. This information is needed to complete the small estate affidavit. You may complete the small estate affidavit 45 days after the death of the decedent. After this time period, you may sign the small estate affidavit in front of a notary and present a copy to all of the heirs.  Finally, you can use the small estate affidavit to collect and distribute the assets.