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Category: Estate Law
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Experience:  Texas lawyer for 30 years in Estate law
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What is the asset value of an estate that requires probate?

Customer Question

What is the asset value of an estate that requires probate?
Submitted: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year ago.

Hi and welcome to JA. I am Ray and will be the expert helping you tonight.

A small estate is defined in T.C.A. §30-4-102 as an estate "in which the value of the property does not exceed $25,000.00." Under the Small Estates Act, the term "property" is comprised of personal property which is held individually by the decedent on the date of death. Please note that only personal property, and not real property, is included in the definition of property under The Small Estates Act.

If there is real estate or personal property over $25k here then regular probate would be necessary.This would include any assets such as bank accounts, house, car, etc where value exceeds $25k .

Reference.

http://www.adhknox.com/article2.html

I appreciate the chance to help you tonight.Please let me know if you have more follow up.

Expert:  RayAnswers replied 1 year ago.

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