Thresholds vary widely — from $5,000 in some states to $200,000+ in others. The affidavit lets heirs collect assets without opening a full probate, often within 30–60 days. Most states limit it to personal property; some allow real-estate transfers.
Related terms
Step-Up in Basis
A federal tax rule (IRC §1014) that resets an inherited asset's cost basis to its fair market value on the date of the original owner's death.
Probate
The court-supervised process of validating a will, paying the deceased's debts, and transferring remaining assets to heirs.
Inheritance Tax
A state-level tax paid by the heir on the value of property received from a deceased person.