What is included in a decedent’s “estate”, and when is an estate administration necessary?
Included in a decedent’s “estate” are those assets which the decedent owned in his or her name alone (which do not have a beneficiary designation or pay-on-death designation), as well as those assets which have named the decedent’s estate as a beneficiary. Generally, if a decedent has less than $50,000 in assets included in his or her estate, then formal estate administration can be avoided and the assets may be transferred with the use of a Small Estate Affidavit. If the decedent’s estate contains more than $50,000, the decedent’s estate and assets must be administered as part of a formal estate administration proceeding in the probate court of the county in which the decedent resided.
