I need to file for small estate affidavit. my mother died with nothing left how do i do this?

Asked about 1 year ago - Boring, OR

my mother died with nothing left. she owned her own home but had taken out a reverse mortgage on her home. this mortgage has been exhausted.her real market value is more than the 90,000 limit for real estate property. but with the reverse mortgage. subtracted she only has about 10,000 which is well below the real property maximum. i dont know if that is the way the probate office figures out her real property value. i think in reading the requirements that i cant figure her real property value with any deductions of debt owed against property. can you clear
this up for me? thanks

Attorney answers (2)

  1. Diane L Gruber

    Pro

    Contributor Level 18

    3

    Lawyers agree

    Answered . For purposes of Small Estate Affidavit you must use the current fair market value of the house, WITHOUT considering the reverse mortgage. Also, if her $10,000 is in the bank you should talk with the bank first. Some banks will not give you the money based on a small estate affidavit, they want some to be appointed Personal Representative by the court BEFORE they will let the money be withdrawn. If the $10,000 is stock, you won't be able to get it with a small estate affidavit. Indeed, they probably won't even talk to you. Give me a call, 503-650-9662, Diane.

    Be sure to designate "best answer." If you live in Oregon, you may call me for more detailed advice, 503-650-9662.... more
  2. Conrad G Hutterli

    Pro

    Contributor Level 13

    1

    Lawyer agrees

    Answered . I am sorry to hear about your mother's death. The problem is that once your mother died there may be no one living who has the legal authority to make decisions regarding her property. Initiating a small estate proceeding or a formal probate is intended to identify and authorize someone to deal with your mother's estate. Did she leave a will? Who survived her? What kinds of assets did she leave? What is it going to take to convince a bank or stock broker that it is safe to do business with someone regarding your mother's estate? You need to consult an attorney experienced in Oregon probate law and confidentially consider all of the questions you have to deal with.

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