The probate process can be long and drawn-out, costing your survivors time as well as money. Fortunately, Nebraska offers two probate shortcuts for "small estates." If the property you leave behind at your death is below a certain amount, Nebraska allows the property to be transferred more quickly and with less hassle. In other words, if your estate qualifies as "small," your loved ones may be able to use simplified probate procedures, or even skip probate entirely.
Nebraska offers a procedure that allows inheritors to skip probate altogether. To qualify, the estate (the property you own at death) must meet requirements that include the following.
For personal property (that is, all property besides real estate):
For real estate:
If your estate meets the requirements listed above, all your inheritor has to do is sign a simple document under oath, called an affidavit. For personal property, this would be the Affidavit for Transfer of Personal Property Without Probate. For real property, the appropriate document would be the Affidavit for Transfer of Real Estate Without Probate.
These affidavits state:
For personal property, after signing the document (and swearing to its truthfulness) and having it notarized, the inheritor simply presents the affidavit to the person or institution holding the property—for example, a bank where the deceased person had an account. The inheritor will also need to provide a certified copy of the death certificate. After that, the person or institution transfers the property.
For real property, there's one additional step: You must file the affidavit in the local register of deeds in the county where the real estate is located.
Another probate shortcut that Nebraska offers is a simplified probate process for small estates, called "summary administration" (or "summary probate") in Nebraska. Unlike the affidavit procedure discussed above, summary administration does not allow your survivors to skip probate. However, the probate process is much more streamlined than full probate, saving time, probate fees, and potentially lawyer fees.
You can use summary administration in Nebraska if the value of the entire estate, less liens and encumbrances (meaning after debts are subtracted), does not exceed the value of:
So what does all this mean? It's tricky not to have an exact dollar amount to compare against the size of your estate, but it really depends on your circumstances—for example, whether you leave behind a spouse and/or children. Some of these amounts also change sometimes to match cost of living adjustments.
The bottom line is that if the size of your estate doesn't exceed these amounts, which can be set aside from your estate by law, your executor or personal representative can wrap up your estate in probate court very quickly because there aren't any remaining assets after these amounts are paid out.
If the estate qualifies, the executor or personal representative of the estate can use summary administration by taking the following steps:
If it's available to your estate, summary administration allows the executor or personal representative to distribute the property in the estate without having to jump through the hoops of regular probate.
For more help handling an estate in general, see The Executor's Guide, by Mary Randolph (Nolo). For an introduction to how you can plan your estate to help your survivors, try Estate Planning Basics, by Denis Clifford (Nolo).