What is an estate?
UPDATED: Mar 1, 2012
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What is an estate?
We have to fill out an Affidavit for Collection of Property for Small Estates in order to collect on an insurance policy. What is the “estate”? My husband’s mother had no property, just some furniture and household items, which we have no idea what it would be valued at. Furthermore, she died almost 4 years ago. She had approximately 75K which was divided 5 ways. In our state, 50K or less qualifies as a small estate. So is the money considered the “estate”?
Asked on March 1, 2012 under Estate Planning, Minnesota
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
An "estate" under the law with respect to a Wills and trust matter and the passing of a person is the personal belongings of the person that has died. Furniture, stocks, bonds, collections, bank accounts and real property all are part of one's estate when one passes.
The $75,000 you reference would be included in your mother in law's estate as well as the furniture and household items.
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