The right of election of a surviving spouse may be waived, wholly or partially, by a written agreement, or by a waiver signed by the surviving spouse. A valid waiver by a surviving spouse of a right of election against a will must meet three requirements:
1. It must be in the form of a written contract or agreement;
2. It must be signed by the party waiving the right; and
3. There must have been fair disclosure.
Illinois Certification of Waiver by Attorney for Surviving Spouse
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If the total value of the decedent's estate is less than $100,000 and does not contain any real estate assets, a formal probate process is not required. Instead, those beneficiaries who stand to inherit the decedent's assets can submit an affidavit (sworn statement) to claim their inheritance.
Deadline to close the estate: 14 months from the date the will is admitted to probate. If the estate remains open after 14 months, the court will expect the representative to account or report to the court to explain why the estate needs to remain open.
While no longer mandatory, it is still recommended that the person you gave your property to in the TODI file a Notice of Death Affidavit and Acceptance of Transfer on Death Instrument with the same Recorder of Deeds office where the TODI is recorded. This must be done within 2 years of your death.
An Illinois property owner can use a transfer-on-death instrument to transfer property to one or more beneficiaries. The default rule is that multiple beneficiaries named in a TOD instrument receive the property in equal shares as tenants in common with no right of survivorship.
The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over. The POA cannot distribute inheritances or transfer assets after the death of the Principal.
What is a surviving spouse entitled to in Illinois? The surviving spouse is entitled to 20,000 dollars or enough money to sustain them for nine months. This comes after any funeral costs. The exact amounts will be decided based on the circumstances of your finances.
You and two witnesses must sign the TOD instrument while in the presence of a notary public, and then record (file) the document with the county recorder of deeds before your death. (See "Finalizing the Document.") Otherwise, it won't be valid. You can make an Illinois transfer on death instrument with WillMaker.
In Illinois, $20,000 is the minimum amount that can be awarded to a surviving spouse. The spouse may petition for a higher amount based on the standard of living he or she was accustomed to when their spouse was alive.
