Estates & Powers of attorney

A small estate All of the property a person owns at their death affidavit A notarized written statement signed by a person under oath is a legal document that allows someone to distribute a decedent’s Someone who has died assets Anything a person owns that has financial value without going to probate A court process where a person's property is given out after they die court. The affidavit summarizes the person’s estate and how it should be distributed. It must be notarized. The affidavit requires a copy of the death certificate. 

Once the affidavit is complete, it can be used to complete the distribution of property. This is without filing a probate case in court.

To use a small estate All of the property a person owns at their death affidavit, A notarized written statement signed by a person under oath all of the following must be true:

• The total amount of property in the estate is worth $150,000 or less (not including the value of any motor vehicles),
• The person who died did not own any real estate Property consisting of land or buildings like a house or an apartment , or they owned real estate that went to someone else when they died. Ownership could go to someone else through a Transfer on Death Instrument or if the real estate was owned in a joint tenancy with the right of survivorship. If the deed A legal paper that transfers ownership of real estate. It is recorded in the local land records. did not say joint tenancy or tenancy by the entirety, then ownership does not transfer automatically,
• A court has not given out any letters of office. Letters of office are given out by the probate A court process where a person's property is given out after they die court to the executor. Person in charge of giving out the property left in a will They allow the executor to give away property in the estate,
• If there is a will, it was filed with the clerk of the court in the county where the person lived within 30 days of the death,
• The person using the small estate affidavit is not aware of any fights relating to the will or the heirs of the decedent, Someone who has died and
• If there are outstanding unpaid claims against the decedent other than funeral expenses, they are listed on the small estate affidavit, and the person who signs it promises to make sure they are paid.

A small estate All of the property a person owns at their death affidavit A notarized written statement signed by a person under oath can be used whether or not the decedent Someone who has died had a will. But it can’t be used if the estate goes to probate A court process where a person's property is given out after they die court.

If there is a will, the person who is named the executor Person in charge of giving out the property left in a will of the estate can use the small estate affidavit. An executor is the person in charge of giving out the property left in a will.

If there is no will, a beneficiary A person that gets property or money from someone when they die can use the small estate affidavit.

Banks and other property holders must accept any properly completed small estate All of the property a person owns at their death affidavit. A notarized written statement signed by a person under oath Banks must distribute estate property as instructed in the affidavit. If a bank refuses to honor an affidavit, there are several options.

First, a person can show that the small estate affidavit complies with the law. They can include a copy of the Illinois laws about small estate affidavits with their affidavit. This law protects banks from liability for good faith An honest effort to do something distributions. The bank may ask the person to leave a copy of the affidavit to check that it meets all legal requirements.

If the bank does not cooperate, a person can file a lawsuit in state court to make the bank give them the decedent’s Someone who has died property. The bank may also be liable for attorney’s fees if the judge finds there was no just reason to deny To refuse or say no access to the property.

When a person signs the small estate All of the property a person owns at their death affidavit, A notarized written statement signed by a person under oath they are agreeing to acknowledge and pay the decedent’s Someone who has died debts. If there are debts that are not paid, the person using the small estate affidavit could be personally responsible for those debts if they do not use estate funds to pay estate debts.

There is an order that expenses must be paid. The order is:

1. Funeral and burial expenses, fees of administration of estate, and final guardianship When a person is appointed by a judge to take care of a child or an adult with a disability fees,
2. Surviving spouse and child award, if applicable,
3. Debts owed to the US,
4. Money due to employees,
5. Money and property held in trust,
6. Debts due to Illinois, counties, towns, and
7. Other claims.

If there is not enough money in the decedent’s estate to pay the expenses, the expenses in a class may be paid proportionately. Some creditors may not get paid.

For example, the decedent might have owed money to a credit card company when they died. If someone uses the small estate affidavit, they must give money from the estate to pay the credit card company. If they don't pay the credit card company, it can file a lawsuit against the person using the small estate affidavit. If the credit card company wins in court, they would have to pay them the amount owed.