Valuing Bank Accounts in a Wyoming Small Estate Affidavit

If someone you love recently passed away in Wyoming and left behind a modest estate, you might qualify to use a small estate affidavit instead of going through full probate. But here's where many people get stuck: you have to list the value of every asset, including bank accounts, and get that number right. The value you report on the affidavit isn't a guess it needs to match what the bank actually shows. Getting it wrong can delay the transfer of funds, cause the affidavit to be rejected by the bank, or create legal headaches with other heirs. Understanding how to properly value bank accounts in this process saves time, avoids rejection, and helps you settle things faster.

What counts as a bank account for a Wyoming small estate affidavit?

When Wyoming courts and banks refer to bank accounts in the context of a small estate affidavit, they mean any account held solely in the decedent's name at a bank, credit union, or similar financial institution. This typically includes:

Checking accounts
Savings accounts
Money market accounts
Certificates of deposit (CDs)
Cashier's checks issued but not yet cashed

Joint accounts with a right of survivorship are a different situation those usually pass directly to the surviving co-owner outside of probate, so they may not need to be listed on the affidavit at all. If you're unsure whether an account belongs in the estate, it helps to review how different asset types are classified in a Wyoming small estate affidavit.

How does Wyoming law set the threshold for using a small estate affidavit?

Under Wyoming Statute § 2-1-201, a small estate affidavit can be used when the total value of the decedent's personal property not counting real estate is $200,000 or less. Bank accounts are personal property, so their balances count toward this total.

If you're also dealing with real property, note that the rules for valuing real estate in a Wyoming small estate affidavit work differently. Real estate follows its own set of valuation rules and may affect whether you qualify.

What date do you use to value bank accounts?

This is one of the most common points of confusion. The value of a bank account should be reported as of the date of death, not the date you fill out the affidavit or the date you visit the bank.

Here's why that matters: accounts earn interest, fees get charged, and automatic payments may clear after someone passes. A savings account with $15,200 on the day of death might show $15,187 a week later because of a fee, or $15,212 because of accrued interest. The legal value is what existed on the date of death.

How do you actually get the balance from the bank?

Most banks and credit unions in Wyoming will provide a statement of account balance as of the date of death if you bring the right documents. Typically, you'll need:

A certified copy of the death certificate
Your valid government-issued photo ID
Proof that you're the person entitled to the funds (such as being a named beneficiary, surviving spouse, or the person preparing the affidavit)

Ask the bank specifically for a "balance as of date of death" letter or statement. This document gives you a defensible number to report on the affidavit. Some banks generate this automatically; others require a written request. Don't rely on the last monthly statement alone that balance may not match the date of death exactly.

What if the account earned interest after death?

Interest that accrues after the date of death technically belongs to the estate, not the account at the time of death. However, for the purposes of the small estate affidavit, you should report the principal balance plus any interest that had already been credited as of the date of death. Post-death interest is a separate matter and may be distributed with the rest of the funds once the affidavit is processed.

What if there are multiple bank accounts?

You need to list every account separately and report each account's individual balance as of the date of death. Then, add them all together to get the total bank account value for the estate.

For example, if the decedent had:

A checking account at First Interstate Bank: $4,300
A savings account at UniWyo Federal Credit Union: $22,750
A 12-month CD at Pinnacle Bank: $10,000

The total bank account value would be $37,050. This number goes on your affidavit along with the values of vehicles, personal property, and other assets.

If you're tracking multiple assets across several categories, an asset inventory spreadsheet can help you stay organized and make sure nothing gets missed.

Do you include accounts with a named beneficiary?

Bank accounts that have a POD (payable-on-death) or TOD (transfer-on-death) designation pass directly to the named beneficiary. These accounts generally should not be included in the small estate affidavit's asset total because they are not part of the probate estate.

However, if the named beneficiary predeceased the account holder and no alternate beneficiary was named, the funds revert to the estate. In that case, you would include the account and its balance on the affidavit.

Always check with the bank to confirm whether a POD or TOD designation exists. People often forget they set one up years ago, or the designation may not be documented clearly.

What about accounts that are negative or overdrawn?

If an account has a negative balance say, a checking account that was overdrawn you should list it with a value of $0 rather than as a negative number. Banks typically won't pursue estate claims for small overdrafts, but the debt technically still exists. Overdrawn accounts don't reduce your total estate value for affidavit purposes.

Common mistakes when valuing bank accounts for a small estate affidavit

Using the wrong date. Always use the date of death balance, not the current balance or the last monthly statement balance.
Forgetting accounts. Check for accounts at credit unions, online banks, and even accounts the decedent may have opened decades ago. Review tax returns for interest income to find accounts you didn't know about.
Listing joint accounts. Accounts with a surviving joint owner with right of survivorship usually pass outside the estate. Don't include them unless the bank or an attorney advises otherwise.
Guessing the balance. Always get an official statement from the bank. An estimate is not acceptable on a legal affidavit.
Ignoring small balances. A forgotten account with $200 still counts toward the estate total. Every dollar matters when you're near the $200,000 threshold.

What if the total estate comes close to the $200,000 limit?

If the combined value of all bank accounts and other personal property is close to the $200,000 threshold, double-check every number before filing. Banks may take a few weeks to provide a date-of-death balance letter, so start the process early. If the total exceeds the limit, you won't qualify for the small estate affidavit and may need to open a formal probate proceeding through Wyoming courts.

Do banks in Wyoming actually accept small estate affidavits?

Most Wyoming banks and credit unions will release funds based on a properly completed small estate affidavit, but policies vary. Some institutions require a waiting period (commonly 30 to 45 days after death) before they'll release funds. Others may have their own affidavit forms they prefer. Call the bank before you file to ask about their specific process and any forms they require beyond the standard Wyoming affidavit.

What if the bank won't release the funds?

If a bank refuses the affidavit, ask them to put their reason in writing. Common issues include missing documentation, an improperly completed affidavit, or a bank policy that requires additional verification. You may need to have the affidavit notarized even if the statute doesn't strictly require it, since some banks insist on it.

Practical checklist for valuing bank accounts on a Wyoming small estate affidavit

List every account checking, savings, CDs, money market held solely in the decedent's name.
Get date-of-death balances directly from each bank or credit union. Ask for an official letter or statement.
Exclude POD/TOD accounts that already passed to a named beneficiary.
Exclude jointly held accounts with a surviving co-owner, unless advised otherwise.
Report overdrawn accounts as $0 don't use negative numbers.
Calculate the total of all bank account balances and confirm the overall estate value stays within the $200,000 limit.
Keep documentation on file bank statements and balance letters may be requested by the bank or a court at a later date.

Tip: Start by contacting each bank early in the process. Some institutions take longer than others to produce a date-of-death balance letter, and you don't want that to be the thing that holds everything up.