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A New York small estate affidavit allows for the transfer of assets for deceased individuals, facilitating voluntary administration, which is a simpler alternative to probate for small estates without real estate. The video discusses key points such as the maximum estate value, which must not exceed $50,000, signing requirements including notarization, and the necessary filing fee. Viewers are encouraged to download a template for the affidavit and subscribe for more content from e-forms, the largest legal document database.