Many people know that estates that do not have a trust must pass through the probate courts. But if you are a beneficiary of a small estate, you may be able to avoid probate as well. The probate process involves the closing of the estate and takes an average of 6-12 months. However, there is information you should understand about small estates and Illinois probate, as well as how qualifying for simplified procedures can keep your loved ones out of the probate courts.
An estate consists of all assets owned by the person. This can include their home, vehicles, additional property and personal items. In Illinois, estates valued at $100,000 or less (and do not include real estate) may be eligible for simplified estate procedures. This is common if a parent lived in a rental or nursing home when they passed away. They may not have left a large estate behind. If this is the case, the next step is to submit a ‘small estate affidavit’ to the courts.
A small estate affidavit helps the beneficiaries close the estate without going through the probate courts. Avoiding probate saves the beneficiaries time and money because, as we all know, the court process can be long and expensive.
A small estate affidavit is a legal document that requires detailed information about the estate, such as:
This form must be filled out with all details included. You cannot estimate the amount of debt or the value of assets; they must be individually listed. You must also verify if there is a will and who the rightful heirs are. Illinois intestate laws apply if there is no will, and the belongings will go to the children or closest relative. This step is critical for handling smaller estates efficiently.
The closing of a small estate provides relief for families after the passing of a loved one. Some of the benefits of closing a small estate are:
Avoiding probate courts saves time and money for the beneficiaries. As noted above, the average Illinois probate process can take 6-12 months, and this length of time can last longer if there are complications.
Talk with an experienced estate and probate attorney to confirm if you qualify for a small estate affidavit. An experienced attorney can ensure you have included all debts and assets in your legal paperwork and verify the estate’s closing is handled efficiently.
Do you have questions about a small estate affidavit? We are here to help you, To talk to a probate and estates attorney, contact the Estate & Probate Legal Group at 630-864-5835.
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