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