An Illinois Small Estate Affidavit is a legal document used in the state of Illinois to transfer the property of a person who has died without leaving a will. This document is used when the deceased's estate consists of assets valued at less than $100,000 and any debts owed are less than $50,000. The affidavit is signed by a family member or other person entitled to inherit the estate, and it outlines the value of the estate and the identity of the heirs. There are two types of Illinois Small Estate Affidavits. The first is the Small Estate Affidavit for Personal Property, which is used for personal possessions such as cars, furniture, and jewelry. The second is the Small Estate Affidavit for Real Estate, which is used for real estate such as houses, land, and other property.
Illinois Small Estate affidavit
Description
How to fill out Illinois Small Estate Affidavit?
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The form must be notarized, so make sure you don't sign it until you can do so in the presence of a notary public. You'll also need to attach a copy of the death certificate and a certified copy of the will if there is one.
To use a small estate affidavit, all of the following must be true: The total amount of property in the estate is worth $100,000 or less; The person who died did not own any real estate, or they owned real estate that went to someone else when they died.
Probate is typically necessary in Illinois when the decedent owns any real estate or more than $100,000.00 of non-real-estate assets outside of a trust.
If estate personal assets are $100,000 or less, then you can pass the asset on using a small estate affidavit. This affidavit cannot be used for real estate. If there is a will, file the will with the Circuit Clerk, obtain a certified copy of the will, and attach it to the small estate affidavit.
An Illinois small estate affidavit provides a streamlined way for an heir to gather and distribute the assets of a person who died, provided that the estate does not exceed $100,000. This form allows an heir to collect the personal property of the decedent without going to court.
A small estate affidavit is a sworn legal document a person can use to assert a claim to assets from the estate of someone who has died. In Illinois, the affidavit is not filed with the court but can be presented to a person, bank, brokerage or other holder of an asset from the estate.
