estate planning

What Is a Small Estate Affidavit and When Is It Applicable?

Small estate affidavits are legal documents that allow an individual to claim a deceased person’s assets. Most of the time, the authorized person will be an heir to the decedent. Why would this be used?

One of the best things about the small estate affidavit is the fact that it can help to bypass the need for probate. This means that the process of administering the estate can be faster, as probate tends to take a long time.

One of the most important things to keep in mind is that you can only use a small estate affidavit in cases where the estate has $100,000 or less in it, at least in the state of Illinois. You will want to keep in mind that different states have different rules, so if you are coming from elsewhere, find the rules for the state where the estate is located. Additionally, this type of affidavit cannot be used to transfer real property.

When filling out the small estate affidavit, you will need to have certain information available. This will include a list of any unpaid debts that the decedent still owes. This could include medical bills, for example. Additionally, you need to have a list of assets and property. Once it is filled out, you can send it to the probate office.

Are You Sure It’s Right for You?

Even if the estate is small, a small estate affidavit might still not be the best solution for you. If there is a real property in the estate that hasn’t been handled yet, such as a house, it could present a problem. If you aren’t located in the state, it can make things more difficult, as well.

This area of the law can be complicated, and if you aren’t well-versed in the field, you might not understand whether a small estate affidavit can apply to your situation. Your best course of action is to get in touch with an attorney who specializes in estate law.

They can give you a better idea of whether you should pursue a small estate affidavit or follow a different route. Ideally, it would help if you worked with a Gandhi Selim Law to help you with all parts of estate law whether you must go through probate, are setting up a will or trust, etc. They can make the entire process a lot easier to understand.

Published by
Gandhi Selim Law

Recent Posts

Trusts: What They Are and Why You Need One in Your Estate Planning

Estate planning is a critical step in securing your assets and guaranteeing your requests are…

1 week ago

When to Hire a Labor Law Attorney

Labor law is a complicated and constantly shifting field that governs the relationship between employers…

3 weeks ago

Do You Need a Real Estate Lawyer During Your Divorce?

Everything seems extra complicated and stressful during the divorce process. Fortunately, there are plenty of…

1 month ago

How to Choose a Commercial Real Estate Attorney

Anyone considering an investment in commercial real estate, either for the opening of a business…

2 months ago

What Does a Real Estate Lawyer Do?

A real estate lawyer can be a helpful resource for those who are new to…

2 months ago

4 Reasons Your Kids Want You to Create an Estate Plan Now

A lot of older parents put off estate planning or taking care of their final…

3 months ago