An Illinois Small Estate Affidavit is a legal document that is filed with the local probate court in Illinois. This document is used to transfer assets from a deceased person's estate to the beneficiaries or heirs, without having to go through the full probate process. The Illinois Small Estate Affidavit is available for estates where the value of the estate is less than $100,000. There are two types of Illinois Small Estate Affidavit that can be filed: 1. A Small Estate Affidavit for Personal Property only — this affidavit is used when the estate only includes personal property such as bank accounts, vehicles, household furnishings, etc. 2. A Small Estate Affidavit for Real Property only — this affidavit is used when the estate only includes real property such as land or a home. In order to file an Illinois Small Estate Affidavit, the document must include information about the deceased, all beneficiaries or heirs, the value of the estate, and an inventory of the estate’s assets and liabilities. The affidavit must also be signed by all the beneficiaries or heirs and be notarized. Once the affidavit is filed with the court, it is then reviewed by a judge and if approved, the assets in the estate are distributed 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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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.
If estate personal assets are $100,000 or less, then you can pass the asset on using a small estate affidavit. This affidavit cannot be used for real estate. If there is a will, file the will with the Circuit Clerk, obtain a certified copy of the will, and attach it to the small estate affidavit.
An Illinois small estate affidavit provides a streamlined way for an heir to gather and distribute the assets of a person who died, provided that the estate does not exceed $100,000. This form allows an heir to collect the personal property of the decedent without going to court.
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.
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.
