Small Estate Affidavit Il
What is small estate affidavit il?
A small estate affidavit il, also known as a small estate affidavit in Illinois, is a legal document used to transfer the assets of a deceased person to their heirs without going through the probate process. It is an alternative method to probate for estates with a total value of less than a certain threshold, which varies from state to state. The small estate affidavit il allows the heirs to collect the assets of the deceased and distribute them directly, saving time and money.
What are the types of small estate affidavit il?
In Illinois, there are two types of small estate affidavit: the Small Estate Affidavit for Personal Property and the Small Estate Affidavit for Real Estate. The Small Estate Affidavit for Personal Property is used when the assets of the deceased person consist only of personal property, such as bank accounts, vehicles, and personal belongings. The Small Estate Affidavit for Real Estate is used when the assets include real estate, such as a house or land.
How to complete small estate affidavit il
Completing a small estate affidavit il requires the following steps:
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