A minor property is a small property that may be handed on with out going by means of the probate course of. Every state has its personal definition of what constitutes a minor property, however it usually consists of estates value lower than $100,000. In some circumstances, the restrict could also be as excessive as $250,000. There may be limits on the sorts of belongings that may be included in a minor property, similar 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.
