The Illinois Small Estate Affidavit is a legal document used by heirs of an estate to collect and distribute assets of a deceased person without the need for probate. In order to use the affidavit, the value of the estate must be $100,000 or less and the deceased must have been a resident of Illinois at the time of death. There are two types of Illinois Small Estate Affidavits: the Illinois Small Estate Affidavit for Decedents Without a Will and the Illinois Small Estate Affidavit for Decedents With a Will. The affidavit must be completed and signed by the heirs of the deceased and must include certain information such as the names of the decedent, the heirs, and the details of the assets. Once the affidavit is completed, it must be notarized and submitted to the appropriate court or agency for review. Upon approval, the assets will be released to the heirs according to the terms of the affidavit.
Illinois Small Estate affidavit
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How to fill out Illinois Small Estate Affidavit?
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FAQ
You do not necessarily need a lawyer to draw up an Illinois Small Estate affidavit. Many people choose to complete this process on their own to save costs. However, obtaining legal advice can ensure that the affidavit meets all legal requirements and addresses any complexities unique to your estate.
To use a small estate affidavit, all of the following must be true: The total amount of property in the estate is worth $100,000 or less; The person who died did not own any real estate, or they owned real estate that went to someone else when they died.
Things that aren't part of the deceased person's estate don't have to be handled in settling their estate. Probate is just one way to settle an estate when someone dies. And it's not always required. Illinois law allows a different and simplified procedure for handling small estates.
A small estate affidavit is a sworn legal document a person can use to assert a claim to assets from the estate of someone who has died. In Illinois, the affidavit is not filed with the court but can be presented to a person, bank, brokerage or other holder of an asset from the estate.
This statement of the decedent's intent is commonly known as that person's "Will." Under Illinois law, it is required that any person who possesses the Will of a decedent file it with the Clerk of the Circuit Court of the county in which that individual resided within 30 days after the death of the testator is known to
The form must be notarized, so make sure you don't sign it until you can do so in the presence of a notary public. You'll also need to attach a copy of the death certificate and a certified copy of the will if there is one.
No, all Wills do not automatically go through the Probate Court system in Illinois after the death of the Testator (the maker of the Will). To the contrary, a majority of estates in Illinois never need a Probate proceeding to be properly administered.
Every estate does not have to go through probate. Probate is the legal process to make sure that a deceased person's debts and taxes are paid. In Illinois, a lawyer is required for probate unless the estate is valued at or less than $100,000 and does not have real estate.
Probate is typically necessary in Illinois when the decedent owns any real estate or more than $100,000.00 of non-real-estate assets outside of a trust.