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What does this mean when it comes to a home, and much of the personal property, destroyed by fire? Do you value the property at its value right before the fire, assuming insurance will rebuild or replace it, or do you value it as it stands after the fire?
Value is after the fire as those assets would go into her estate and be subject to her will. This also applies to any insurance money that may be coming in to pay for losses.
So you would be well under the small estate affidavit limit, and since there is real estate worth $50K or less, you could use an Affidavit (FORM DE-305) to transfer real estate and a normal Affidavit for the personal property like the one here:.
Small Estate Affidavit Personal Prop
Sorry for any confusion...let me explain.
Since you have a reasonable anticipation that the insurance will put you over the limit, you have to go through a full probate proceeding. The small estate affidavit process only applies if the entire proceeds are under that $150K limit.
So before fire you are over that, and after fire you are over that (due to insurance proceeds which will come in).
I wasn't sure if there was insurance to be paid out or not since you didn't mention it initially. Some unwise people don't have insurance so they just take a loss..
I apologize, you actually did where you said assuming that insurance will cover it.. I have to scroll up and down the screen to type my response after viewing your comments and missed that..
So yes, just to reaffirm what I said..this would definitely be above the small estate affidavit limits so you will have to go through a formal probate case..