A minor property is a small property that may be handed on with out going via the probate course of. Every state has its personal definition of what constitutes a minor property, but it surely usually contains estates price lower than $100,000. In some circumstances, the restrict could also be as excessive as $250,000. There might also be limits on the kinds of property that may be included in a minor property, comparable to actual property or retirement accounts.
There are a number of advantages to claiming a minor property. First, it may well save money and time. The probate course of may be prolonged and costly, and it may well take months and even years to finish. Claiming a minor property lets you keep away from these delays and prices.
