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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.
Estate planning checklist: Everything you need to think about Your will. Your will sets out how your assets are distributed and who is nominated to handle your affairs.. ... Power of attorney. ... Life insurance. ... Funeral wishes. ... Financial planning. ... Digital assets.
What Type of Assets Go into a Trust? Real Estate. Many people wonder whether it is a good idea to place their house in a trust. ... Financial Accounts. ... Life Insurance. ... Valuable Personal Property. ... Collectible Vehicles. ... Sole Proprietorships. ... Partnerships. ... Limited Liability Companies (LLC).
4 essential estate planning documents A will distributes assets upon death. A power of attorney manages finances. Advance care directives manage your health. A living trust is an alternative to a last will.
Spouses in Illinois Inheritance Law If you have living descendants, your spouse will get half of the inheritance, and your descendants will get the other half of the inheritance. However, grandchildren will only receive a share if their parents are not alive to receive their share.
Seven steps to basic estate planning.
Estate plan drafting includes the creation of essential documents such as a will, trust, power of attorney, and health care directive. In Illinois, the cost for comprehensive estate plan drafting can range from $500 to $7800 or more, depending on the complexity of your estate and the attorney's experience.