The probate process can be not only daunting emotionally, but often times can get quite expensive. Did you know that Alabama allows for a quicker, less expensive option to distribute your recently deceased loved one’s assets when the size of the estate is relatively small? If you meet a few criteria, you can likely go through a much shorter process and hopefully cut down on overall costs. The criteria include:
- The value of the entire estate does not exceed twenty-five thousand dollars ($25,000) adjusted for inflation ($27,583 for 2014)
- The decedent (person who died) died a resident of Alabama (they could have died anywhere, just so long as they were considered an Alabama resident)
- All debts have been paid (or have been arranged to be paid)
- Real property (land, houses, etc.) is not involved
This applies whether the decedent had a will or not, and makes for a much quicker and more cost-effective process for many people. There are a few other nuances to the law, but contact us for a free consultation to discuss your options.