Illinois Petition To Sell Personal Property is a legal document that allows an individual or business to sell personal property in the state of Illinois. This document is typically filed in the county court in which the property is located. It specifies the details of the sale, such as the description of the property, the buyer’s name, and the sale price. The petition must be signed by the petitioner, and if the petitioner is a business, it must also be signed by an authorized representative of the business. There are two types of Illinois Petition To Sell Personal Property: the Petition to Sell Personal Property Without Administration and the Petition to Sell Personal Property With Administration. The first is used when the estate has no probate proceeding and the petitioner is the sole owner of the property, while the second is used when the estate has a probate proceeding and the petitioner is not the sole owner of the property.
Illinois Petition To Sell Personal Property
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How to fill out Illinois Petition To Sell Personal Property?
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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.
A valid will must be filed, but it doesn't require a probate case. It can simply be filed at the courthouse, as a public record. Some property never goes into the estate. For example, real estate held in joint tenancy passes directly to the surviving joint tenants.
If the decedent dies without a Will, a Petition for Letters of Administration is filed. In this Petition a close family member or friend asks the court's permission to serve as the Administrator of the estate. The court will generally appoint this person as the estate's Administrator.
Deadline to close the estate: 14 months from the date the will is admitted to probate. If the estate remains open after 14 months, the court will expect the representative to account or report to the court to explain why the estate needs to remain open.
Any share you have in assets that have been titled to multiple people will go through probate. Often, real estate is titled as tenants-in-common property, but it might also include bank accounts, bonds, and stocks.
A Petition for Letters of Administration is used when a person has died without a will, and a close family member or friend is asking the court's permission to serve as the personal representative of the estate.
Because of this, Illinois law allows estates that are valued at $100,000 or less to be transferred to heirs through what is called a small estate affidavit process. This procedure is less expensive and faster than a full probate proceeding.
Petitioning the Court In Illinois, executors who are tasked with administering an estate must begin the process by petitioning the probate court in the county where the decedent resided for a letter of testamentary, or a letter of administration.