WHAT IF THE DECEDENT OWNED LESS THAN $50,000.00 IN ASSETS?
When a person dies leaving property that does not exceed $50,000 in value, the property may be assigned to an heir-at-law by use of the Transfer by Affidavit form (sometimes referred to as a small estate affidavit). Form PR-1831 Transfer by Affidavit ($50,000 and under) can be found at http://wicourts.gov/forms/PR-1831.doc or can be obtained from the Register in Probate office. A guideline is available through this link together with an Affidavit of No Probate form. If the Transfer by Affidavit form is used and the decedent had a Will, the original Will, along with the Affidavit of No Probate must be filed with the Probate Office. A guideline for the affidavit is available through this link. If the decedent received some sort of medical assistance (through the State of Wisconsin, and not Medicare), additional information may be found at: http://dhfs.wisconsin.gov/medicaid1/recpubs/erp/phc13032.htm.
Related Questions
- What if the assets acquired from the decedent have a fair market value of less than $1.3 million? Does the executor need to file a return allocating the basis adjustment?
- What if a person dies with a Will and/or Codicil(s) but there are no assets in the decedent’s sole name?
- What assets are subject to creditors claims against the decedent?
