Not all estates need to go through probate. Even when trusts and other estate planning tools to avoid probate are not used, an estate can avoid probate. These are typically small estates. What “small” means is specific to each state, but when the estate is small enough according to state law, the estate can be administered without involving the probate court. At AJP Law Firm we can help make sure that estates benefiting from this rule are in compliance, including the issuance of a small estate affidavit, which is necessary in most jurisdictions.
Avoiding Probate with Small Estate Affidavits in Illinois
A small estate affidavit is a legal document that allows heirs or beneficiaries of a deceased person's estate to claim assets without going through the probate process. In general, probate is the legal process of transferring a deceased person's assets to their heirs or beneficiaries, which can be a complex and time-consuming process.
However, in some cases, a small estate affidavit can be used instead of probate. This is typically only available in cases where the value of the estate is below a certain threshold, which varies depending on the state. In some states, the threshold is $100,000 or less, while in others, it may be higher.
Small Estate Affidavit Process in Illinois
To use a small estate affidavit, the person claiming the assets must complete the affidavit and provide it to the financial institution or other entity holding the assets. The affidavit typically includes information about the deceased person, such as their name, date of death, and a list of their assets, as well as information about the person claiming the assets, such as their relationship to the deceased person.
The financial institution or other entity holding the assets will then review the affidavit and, if satisfied, will transfer the assets to the person claiming them. This process can be much quicker and less expensive than going through probate.
Contact a Small Estate Affidavit Attorney in Cook County Today
Small estate affidavits may not be available in all cases, and the requirements for using them can vary depending on the state. It's always a good idea to consult with an attorney to ensure that you're taking the appropriate legal steps to claim assets from a deceased person's estate. Contact AJP Law Firm today by filling out the online form or calling us at (847) 998-9920 to schedule a free consultation.