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Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 45500
Experience:  29 years of experience as a tax, real estate, and business attorney.
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Hello. If I used a Small Estate Affidavit to collect my deceased

Customer Question

Hello. If I used a Small Estate Affidavit to collect my deceased mother's savings account balance, is that money considered part of the estate, or is it considered the same as money from life insurance, ie., not part of the estate. The reason I need to know is because my mother also left a credit card (her's alone) with a $6K balance. Thanks.
Submitted: 1 year ago.
Category: Tax
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good morning. If the account in question was in your mother's name alone and not a joint account, then it would be considered part of your mother's probate estate and thus would be subject to your mother's creditors. The Small Estate Affidavit simply allows you to avoid the more complicated probate process when there is a small amount in question, but it does not recharacterize the assets from probate assets to non-probate assets. If the account in question was in a joint account, then it would vest automatically in the surviving owner upon the death of your mother and would not then be a probate asset and would be beyond the reach of your mother's creditors.



This is the part of my job I don't like...when the law is not in favor of my customer. I wish I could tell you that the account would absolutely not be at risk to creditors, but, I can only provide you information based on the law so that you can act on the best available information to you. ………..I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!




Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 45500
Experience: 29 years of experience as a tax, real estate, and business attorney.
Richard and other Tax Specialists are ready to help you
Expert:  Richard replied 1 year ago.
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help!
Expert:  Richard replied 1 year ago.
Thank you also for the bonus! I appreciate your kindness!!

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