Illinois Agreement By Heirs to Substitute New Note for Note of Decedent

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State:
Multi-State
Control #:
US-01112BG
Format:
Word; 
Rich Text
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Description

In this form, the heirs at law of an intestate estate are substituting their note for a note of the decedent. Intestate means that the decedent died without a valid will. The term heirs-at-law is used to refer to those who would inherit under the state statute of descent and distribution if the decedent dies intestate.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

If there is no surviving spouse of the decedent but there are surviving children (or descendants), then the surviving children take the entirety of the estate. If the decedent has no surviving spouse nor surviving descendants, then the estate is split between the decedent's siblings and parents.

Generally speaking, the surviving spouse is first in line to inherit, with children and grandchildren next in line. If the surviving spouse has any minor children, they may inherit the whole estate. Adult children may receive a share of inheritance.

This must be done within 30 days of the person learning of the decedent's death, regardless of whether a probate estate will be opened in court. If there is a will, this is called a testate estate. If there was no will and the case must be opened in probate, then it is an intestate estate.

Bond in lieu of probate: A procedure in which real estate is transferred to the legal heirs or a third-party purchaser outside of probate court proceedings with the assistance of a title insurance company.

The list of heirship is as follows: If the decedent has a surviving spouse and surviving children, then the spouse gets half of the estate and the surviving children take the other half of the estate.

The heirship of a deceased person is determined through a document called an ?Affidavit of Heirship?. This is a form that gives a detailed explanation of the heirs at law of the deceased person at the time of his/her death.

Within 14 days after the Letters of Office are issued, a Notice to Heirs and Legatees must be sent to all known heirs. This Notice must include the Petition for Probate, the Order admitting the matter to Probate, and a description of the rights of the heirs.

The Illinois Probate Act Sets Forth the Next of Kin of a Deceased Party SurvivorsInheriting Next of KinSpouse and childrenSpouse gets half of intestate property, children take other halfSpouse, no childrenSpouseChildren, no spouseChildrenParents, no spouse, no descendants, no siblingsParents2 more rows ?

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Illinois Agreement By Heirs to Substitute New Note for Note of Decedent