Do I need to do a formal probate or can I use Transfer of Small Estates Under $150,000?

My dad had a Will naming me sole beneficiary and executor. But I believe I can transfer his estate using the transfer of small estates instead of filing for formal probate. Here are the details: cash $1,480, checking acct. $2,142, Toyota Truck $6,500 blue book value, Chevy Corvette $13,200 blue book value, household items $3,000 & a house appraised at $241,488 which he owed $139,226 on. He had no debt other than the mortgage on his home and everything was in his name only. I am willing to go through probate but think its pointless since I am his only child and his only other heirs would be my children. I just want to do this as simply as possible.