Bulletin: NE2017001

Dear Associates:

It is with increasing frequency that we are presented Affidavits of Succession to Real Property by Affidavit under § 30-24,129, Neb. Rev. Stat., and we are asked to recognize these affidavits as valid and effective links in the chain of title in support of an interest to be insured. The purpose of this form is to eliminate most of the expense of probate and streamline the process of confirming title so that title to property of a relatively de minimus value can be transferred efficiently. 

The present maximum value of property that may be transferred in this manner is $50,000.00, as determined by the assessed valuation of the property in the year of decedent’s death, plus any real estate taxes and interest thereon that may be due. Since these are the only criteria specified in the statute, other encumbrances may not be deducted from the value as established pursuant to the statute. We do not recognize the validity of any other method of establishing value for the purposes of the statute.

Attached is a checklist that can be used when evaluating a proffered Affidavit for acceptability for use in an insurable chain of title.

CAVEAT: the Affidavit for Succession to Real Property does not address, and does not affect any potential liability for Inheritance Tax; therefore it will be necessary to require a proceeding to determine inheritance tax in most cases.

Any Affidavit for Succession to Real Property should be reviewed and approved by an underwriter prior to insuring.

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

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