An Illinois Small Estate Affidavit is a legal document used in the state of Illinois to transfer ownership of a deceased person's assets, such as real estate, automobiles, and other personal property, without the need to probate the estate. This type of affidavit can be used when the estate is valued at $100,000 or less, and all debts and taxes have been paid. It is also required that no estate or probate proceeding has been opened in Illinois or any other state. There are two types of Illinois Small Estate Affidavit: the Short Form Affidavit and the Long Form Affidavit. The Short Form Affidavit is used when the estate's assets are limited to real estate, motor vehicles, and/or bank accounts. The Long Form Affidavit is used when the estate comprises more complex assets, such as stocks, bonds, and other securities. In either case, the affidavit must be signed by the personal representative, and the signatures of two witnesses must also be included.
Illinois Small Estate affidavit
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How to fill out Illinois Small Estate Affidavit?
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To be able to use the small estate affidavit in Illinois, you must meet the following requirements: The person who died didn't own any real property at the time of death. The total of all other property does not exceed $100,000.
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.
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.
To fill out a small estate affidavit, you will need a list of any unpaid debts owed by the decedent. For example, the decedent might owe money for medical bills and credit card bills. You will also need a list of all the property and assets in the estate.
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.
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.
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.
