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What are the risks of using a small estate affidavit in Illinois?

When you use a small estate affidavit, you become legally responsible to any creditors. This means that someone who should have received money or property from the decedents estate can file a lawsuit against you.

How much does a small estate affidavit cost in Illinois?

Since the affidavit does not need to be filed with the court, there are no filing or court fees. The only cost is likely to be paying to have signatures notarized. However, a notarys services typically cost $20 or less. Illinois lays out the requirements of a small estate affidavit on its legislative website.

What are the requirements for a small estate affidavit in Illinois?

Criteria for Using a Small Estate Affidavit in Illinois Value of the Estate: The estates total value must not exceed $100,000. Nature of Assets: The assets should be personal property like bank accounts, stocks, or vehicles. Timeframe: A minimum of 30 days must have passed since the deceaseds death.

How to properly fill out a small estate affidavit?

Complete the affidavit: Fill out the form with the decedents information, a list of their assets and the names and addresses of all heirs or beneficiaries. Notarize the affidavit: Sign the completed affidavit in front of a notary public. Some states might also require additional witnesses.

Do you need a lawyer to draw up an affidavit of heirs in Illinois?

Though the affiant is not legally required to have a lawyer, it is wise for the affiant to hire one. It may seem wasteful to hire a lawyer when an estate is small, but many of the same rules that govern the full blown Illinois probate process apply to the affidavit.

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