Legal Question in Wills and Trusts in New York
Small Estate Affidavit
I need a small estate affidavit for the state of New York. I notice on the internet we can get a form for estates under $20,000. I have securities registered in an individuals name, who is now deceased. there is no will involved and the last remaining member of the family wants to register or sell. The market value of these shares is appx $108,000 and the transfer agent has suggested to file this affidavit with them along with a copy of the death certificate. How can I proceed? Thank you for your time and assistance.
2 Answers from Attorneys
Re: Small Estate Affidavit
You are correct that there is a simplified and inexpensive procedure to administer estates of $20,000 or less. Since the market value of the estate is approximately $108,000, this procedure will not be available. You will be required to file a petition for the appointment of an Administrator of the estate, who will then have the authority to transfer or sell the securities. This procedure is a bit more cumbersome and expensive and a bond may be required.
Re: Small Estate Affidavit
This is what attorneys are trained to do. Fees for the handling of an estate such as you describe generally run 3% of the assets.
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