An Illinois Small Estate Affidavit is a sworn statement made by a family member or other interested party that is used to settle an estate when the deceased's assets do not exceed a certain threshold. This affidavit is used in lieu of probate proceedings if the estate is below the statutory limit and the decedent's will, if any, does not direct otherwise. There are two types of Illinois Small Estate Affidavits: the Small Estate Affidavit of Collection and the Small Estate Affidavit of Distribution. The Small Estate Affidavit of Collection is used to collect assets from financial institutions and other entities to pay funeral expenses and to settle debts of the deceased. The Small Estate Affidavit of Distribution is used to distribute assets of the estate to the lawful heirs of the deceased, without the need for probate. Both documents must be signed by the affine and notarized in order to be valid.
Illinois Small Estate affidavit
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How to fill out Illinois Small Estate Affidavit?
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To fill out a small estate affidavit, you will need a list of any unpaid debts owed by the decedent. For example, the decedent might owe money for medical bills and credit card bills. You will also need a list of all the property and assets in the estate.
To be able to use the small estate affidavit in Illinois, you must meet the following requirements: The person who died didn't own any real property at the time of death. The total of all other property does not exceed $100,000.
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.
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.
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.
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.
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.