An affidavit is a sworn statement you put in writing. People sign them stating the words are accurate, and then they are used in court.
What you need to know
An affidavit is a sworn statement considered to be legal evidence in the eyes of the court.
In probate, affidavits are used to allow small estates with low values to bypass the process of probate altogether.
You can rarely submit an affidavit to skip probate after probate has begun.
There are a multitude of types of affidavits, but they are all some sort of written sworn statement that is used by the courts in various filings and situations.
Think of them like a transcription of what you would say in court in front of a judge, except you don't actually have to show up to do it.
Affidavits in Probate and Estate Settlement
In probate, affidavits are primarily used to skip or reduce the bureaucratic involvement of the state after someone passes away.
When someone passes away, all of their assets become part of their estate, and the process known as probate is used to prove the validity of the will and distribute any assets.
An affidavit can be used for an estate that is valued less than a certain dollar amount that is determined by each state. This is used to avoid the probate process and save money and time.
To use an affidavit, there is a process you have to follow. The first step is that you must fulfill the waiting period which is a certain amount of time you have to wait after the decedent’s death to begin the process. That period can vary from 10 to 90 days depending on the state. Once that period has passed, you have to calculate the value of the state, gather all forms and documents needed, and fill out the affidavit. Once it is filled out, you file the document with the probate office where they will accept or deny your affidavit. If accepted, the assets will be transferred to you.
What to do when a loved one dies
When people die, they leave behind a life that must be closed out. Don't tackle it all alone. From planning the funeral to tackling the legal & financial estate, here's an ultimate checklist of all the things an executor needs to do following the loss of a loved one.
Learn moreIn his will, Johnny leaves $10,000 to his daughter, Kim. 35 days after Johnny’s death, Kim fills out an affidavit to claim the money that she is entitled to. Johnny lived in North Carolina where the waiting period is 30 days, and the ceiling for an affidavit is $30,000. Because Kim waited 35 days, and her inheritance is less than $30,000, the court approves her affidavit and transfers the money to her from Johnny’s account. This saved her a lot of time and money, as she did not have to go through the lengthy probate process.
In collaboration with
Jack Wilkes
Jack Wilkes is a trust professional and Private Wealth Client Account Manager at Northern Trust Wealth Management in Boston, MA.
Jack received his undergraduate degree in Trust and Wealth Management from Campbell University in North Carolina, along with a minor in Financial Planning. Jack continued his education with an MBA in Financial Services, also from Campbell University.
Jack is a frequent industry writer on trust, wealth management and fiduciary topics.
In collaboration with
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