When a loved one passes away, while you are still in the grieving process, you may also have the additional task of trying to finalize his or her estate. One of the first places many people start when they are in this situation is the bank. When you inquire about closing out the account, oftentimes, you may be met with this response: You need to get Letters Testamentary in order to do that.
What are Letters Testamentary? Letters Testamentary is the document issued by the Court authorizing the Personal Representative to administer a deceased’s person’s estate. It is issued when a probate is opened as soon as the Court approves the appointment of a Personal Representative.
However, it is not always necessary to open a probate and obtain Letters Testamentary when someone passes away.
What’s the alternative?
In the state of Washington, if your loved one’s assets are below a minimum threshold, you can avoid probate due to the “small estates” limit. By filling out a few forms, you can bypass the complicated probate process by using the affidavit procedure for small estates. This process will likely save you a lot of time and stress. Even if your loved one didn’t have a will, his or her estate may still be eligible.
How do I know if the estate qualifies?
A reputable elder law attorney can help you to create a list of assets. There are many exceptions and considerations when determining what is, in fact, an asset, and an experienced attorney will know what to look for. For example, if he or she had a life insurance policy with a named beneficiary, that would not count toward that person’s assets. In some cases, a car that was not paid off would not count. There are many components to analyze, but in the end, the small estates affidavit could save you a lot of energy and anxiety during an already-difficult time.
Of course, in some scenarios, probate is the only or best solution. That’s why it’s best to consult with an attorney who will help you find the best path for you.