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What is an Affidavit for Collection of Personal Property?
An Affidavit for Collection of Personal Property is a document that a successor in interest of a decedent can complete to gather the personal property of the decedent without going through the probate process. In different states, a successor in interest can complete such form without going through probate, if the estate amount of the decedent does not exceed a certain amount, as provided by each state law. In Hawaii, this Affidavit can be used as long as the estate of the decedent does not exceed $100,000 (excluding the value of motor vehicles).
How do you complete the Affidavit for Collection of Personal Property?
Generally, states that have the Affidavit for Collection of Personal Property have a template for it that is readily available for download. A successor in interest can download such form, complete the information that is needed on the form including the Date of Death of the Decedent, and sign the form as the "Affiant" before a licensed Notary Public of the state in which the Affidavit will be submitted.
Where do you submit the Affidavit for Collection of Personal Property?
A successor in interest can submit the Affidavit for Collection of Personal Property to banks or other financial institutions, or any other companies/entities from which the personal property of the decedent can be distributed, as long as the decedent died leaving an estate that does not exceed the estate amount provided by state law, the excess of which will mandate a probate in that state.
It is good to be aware of the existence of the Affidavit for Collection of Personal Property as it provides a quick and efficient way by which a successor in interest can collect the personal property of a decedent.Article Source/Courtesy of: Yuka Hongo, Esq. (Hongo Law Office, LLLC)
This information is not intended to be a substitute for specific individualized tax, legal or estate planning advice as individual situations will vary. HawaiiEstateAndTrust.com nor its registered representatives or employees, offer tax or legal advice. As with all matters of a tax or legal nature, you should consult with your tax or legal counsel for advice.
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What is an Affidavit for Collection of Personal Property