Legal Question in Wills and Trusts in California
small estate affidavit
My brother in law & sister passed
leaving approximately $25,000 in a
401k (no beneficiary), about $8,000
in the bank & a paid off car &
motorcycle. They also leave about
$50,000 in debts. Plus there house
went back to the bank so there could
be more debt. can i file for a small
estate with the value being less than
100,000? they do leave minor
children that want the car. How
would i go about paying the bills &
can they possibly keep the car. it
means alot to them. do i need an
attorney? thanks so much
1 Answer from Attorneys
Re: small estate affidavit
I do suggest you at least consult with an attorney to go over what you have described. It sounds like you can file for a small estate, but without reviewing all of the information, it can not be said with complete certainty.
Part of the issue will be WHEN did the home go back to the bank, before or after the passing?
Unfortunately, the debts are not calculated into the value of the estate, but they are certainly claims against it.
Did the 401K have a named beneficiary? If so, then it would pass outside of the estate and not be counted as part of it.
As you can see, there are a few questions that need to be answered to be able to provide you with a more certain response.
If you would like to discuss this matter further in a more private forum, please feel free to contact me directly at the email address provided by LawGuru or through our firm�s website located at PasadenaEstatePlanning.com
IMPORTANT:
No attorney-client nor confidential relationship is created through this communication. You may not rely in any way on this communication, and nothing herein constitutes legal advice nor legal opinion. Your issue may be time-sensitive and may result in a loss of rights if you do not obtain an attorney immediately.