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Are you wondering what a Small Estate Affidavit is? It’s a legal document that speeds up the asset distribution process when someone dies with a small estate. In Illinois, the term “small estate” usually refers to estates with assets totaling up to $100,000 or less, and there is no real estate involved. This mechanism allows the estate to bypass probate court, which simplifies the procedure. If you think this may be something that you can use, keep reading to learn more about it. 

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Qualifying Criteria 

For you to be able to use the Small Estate Affidavit, there are certain things you need to align with the state of Illinois. For instance:

  • The estate’s value must not exceed $100,000.
  • The assets must be personal property, like bank accounts, stocks, or vehicles.
  • A minimum of 30 days must have passed since the death occurred. 
  • The estate must not include real estate properties.
  • The deceased must have been a resident of Illinois.

The criteria for filing a Small Estate Affidavit in Illinois are very specific. Ensuring that all the criteria are met will allow you to have a successful filing and execution of the Small Estate Affidavit.

How To File

There’s a process to follow when it comes to filing for a Small Estate Affidavit in Illinois.

  • First of you should evaluate the estate. You need to make sure that the estate’s value falls under $100,000 and that it only consists of personal property. 
  • Next, gather documentation. You need to collect death certificates, asset records, and, if they’re available, wills and trusts. 
  • Then you can fill in the Small Estate Affidavit form if all the details match correctly to the criteria.
  • Next, you will have to get the form notarized by an authorized person.
  • Then the notarized affidavit is presented directly to the person or institution holding the asset.
  • Lastly, once the affidavit is accepted, assets can be distributed according to the instructions in the will or state law.

Why Would It Be Used?

A Small Estate Affidavit may be used for many different reasons. A lot of people look into it because it is much more efficient, it doesn’t require probate, and it provides more control when it comes to asset distribution.

Pros:

  • Speed
  • Cost-Efficiency, smaller estates generally mean lower costs 
  • It’s a less complex process compared to probate

Cons:

  • Only applicable for estates under $100,000 in Illinois.
  • It only includes personal property.
  • Laws and regulations change from state to state.

Small Estate Affidavit Vs. Will 

There are a few key differences between a Small Estate Affidavit and a will. For instance, a Small Estate Affidavit is much quicker when it comes to execution than a will is. Also, a will usually requires probate, which isn’t required by a Small Estate Affidavit. Lastly, wills provide more control over asset distribution. These are some key considerations to consider when looking into a will and a Small Estate Affidavit. 

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Small Estate Affidavit Vs. Trust

When it comes to a Small Estate Affidavit and a trust, you should remember that trusts are highly customizable and can cater to specific needs. Also, they both can avoid probate, but trusts offer more flexibility. Also, trusts offer more control over asset distribution than a Small Estate Affidavit does. Lastly, trusts are more legally complex and may require higher set-up costs than a Small Estate Affidavit does. 

Get Help With Your Small Estate Affidavit in Illinois

If you have the correct criteria for a Small Estate Affidavit, you should get in contact with Bielski Chapman LTD. They’ll be able to help you figure out if you qualify for a Small Estate Affidavit and what the next steps will be.