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12.18.19

New York State increases small estate threshold to $50,000

BY Nicole A. Place

On November 25, 2019, New York State approved an amendment to SCPA §1301 that increased the threshold for small estates to $50,000.

Small estates qualify for an informal, simplified proceeding with the Surrogate’s Court, known as a Voluntary Administration. Real estate, no matter its value, cannot be administered under a Voluntary Administration.

However, a surviving spouse and/or children under age 21 are entitled to certain amounts, known as exempt property, which do not count toward the $50,000 threshold. Therefore, an estate worth over $50,000 may still qualify for a Voluntary Administration proceeding.

You should consult an estate attorney to guide you as to the proper procedures for estate administration.

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Nicole A. Place

Paralegal

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