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, however it usually consists of estates value lower than $100,000. In some instances, the restrict could also be as excessive as $250,000. There may be limits on the varieties of property that may be included in a minor property, reminiscent of actual property or retirement accounts.
There are a number of advantages to claiming a minor property. First, it could actually save money and time. The probate course of might be prolonged and costly, and it could actually take months and even years to finish. Claiming a minor property means that you can keep away from these delays and prices.
