In many states the law provides an informal means or process for administering small estates, as defined by the state’s statutes.
For example, in some states an estate under a certain value may be distributed using an affidavit known as a small estate affidavit that is signed by the persons to whom the estate’s assets are to be distributed and two disinterested witnesses.
And other states have a simplified small estate process under which the successor to an interest in real property may petition the court to transfer the real property and recognize the transfer of personal property.
Laws vary from state to state and a state’s informal process for administering a small estate is usually located in the state’s statutes—often in the estates code or probate code.
In Wyoming, the law provides a simplified process for administering small estates through the use of a small estate affidavit. This process is available for estates that do not exceed a certain value threshold, which is specified in the state's statutes. As of the knowledge cutoff in 2023, in Wyoming, if the total value of the estate's personal property is $200,000 or less, the successors may use an affidavit to collect the property without going through formal probate. The affidavit can be presented to the entity holding the assets (such as a bank) 30 days after the decedent's death. The affiant must swear to the truth of the statements in the affidavit, including their right to the property and that the estate owes no federal estate tax. Wyoming law also allows for a summary probate procedure for small estates, which is a court-supervised process but is more streamlined than regular probate. It's important for individuals to consult with an attorney to ensure compliance with the specific requirements and to determine the most appropriate process for their situation.