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.
Illinois Assignment of Portion of Expected Interest in Estate in Order to Pay Indebtedness
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28-11. Closing the estate. (a) An independent representative is accountable to all interested persons for his administration and distribution of the estate but need not present an account to the court unless an interested person requests court accounting as in supervised administration.
Probate is required in larger estates. Any estate with probate assets exceeding $100,000.00 must go through the formal probate process. Additionally, Probate is typically required in Illinois when the probate assets contain real estate.
The executor immediately must publish a written notice in a newspaper within the county of the Probate Court to notify potential creditors of the existence of the estate and the necessity for their filing of written claims against the estate. The law in Illinois provides such creditors six months to file those claims.
Illinois Small Estate Affidavit: If the size of your estate, is small enough, the State of Illinois will allow you to use something called a small estate affidavit to transfer property without involving the probate court. If the gross value of your estate is $100,000 or less, you can use the small estate affidavit.
The Estate Settlement Timeline: While there is no specific deadline for this in Illinois law, it is generally best to do so within a month to prevent unnecessary delays in the probate process.
Delegation of performance; assignment of rights. (1) A party may perform his duty through a delegate unless otherwise agreed or unless the other party has a substantial interest in having his original promisor perform or control the acts required by the contract.
§ 2-7. Disclaimer. (a) Right to Disclaim Interest in Property. A person to whom any property or interest therein passes, by whatever means, may disclaim the property or interest in whole or in part by delivering or filing a written disclaimer as hereinafter provided.
Sec. 513. Educational expenses for a non-minor child. (a) The court may award sums of money out of the property and income of either or both parties or the estate of a deceased parent, as equity may require, for the educational expenses of any child of the parties.