The Illinois Small Estate Affidavit (01/01/15) is a legal document used in the state of Illinois to facilitate the transfer of assets from a deceased individual's estate to their rightful heirs without the need for probate court proceedings. This type of affidavit is typically used when the estate is small and the value of the assets is not large enough to require court involvement. There are two types of the Illinois Small Estate Affidavit (01/01/15): the traditional Small Estate Affidavit and the Small Estate Affidavit with Real Estate. The traditional Small Estate Affidavit is used to transfer assets such as bank accounts, vehicles, and stocks and bonds. This affidavit must be signed by the decedent's personal representative or another person authorized to act on behalf of the estate. In addition, all heirs must sign the affidavit and provide evidence of their relationship to the decedent. The Small Estate Affidavit with Real Estate is used to transfer real estate from the estate of the decedent. This affidavit must be signed by all the heirs as well as the personal representative of the estate. In addition, the affidavit must include the legal description of the real estate being transferred. Both types of the Illinois Small Estate Affidavit (01/01/15) must be filed with the court in the county where the decedent was a resident. Once the affidavit is approved by the court, the assets can be transferred to the rightful heirs.
Illinois Small Estate affidavit (01/01/15)
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FAQ
Generally, the heirs of the decedent are their surviving spouse and children, including all of decedent's biological children and adopted children.
Under Illinois' intestacy laws, your estate will pass to family members or escheat (be transferred) to the state (if you have no known relatives). This can be problematic and potentially devastating, especially if you are not married to your partner or if you intend for a nonrelative or friend to inherit your assets.
Spouse and descendants: If the decedent dies leaving both a spouse and descendants half the decedent's assets go to the spouse and half to the descendants, per stirpes. Descendants only: If the decedent dies leaving only descendants, all assets go to descendants, per stirpes.
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
You can find the small estate affidavit form from the Illinois Secretary of State online or in person at your local circuit county clerk's office. Once it's filled out, make at least one extra copy of the affidavit.
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.
Heirs are individuals who stand to inherit from a decedent ing to the Illinois laws of intestate succession, which set down how a decedent's assets must be distributed if they are not included in a valid will.
What Does It Mean to be an Heir? Heirs are individuals who stand to inherit from a decedent ing to the Illinois laws of intestate succession, which set down how a decedent's assets must be distributed if they are not included in a valid will.
