Are you feeling overwhelmed with administering the estate of a loved one after their death? Is this frustration complicated even further by the fact that they had no Will? Fortunately, this process can be made easier depending on certain circumstances. It will even allow you to avoid probate.
A small estate affidavit is a legal document that allows an heir to administer the estate of someone who has died without a Will. The small estate affidavit can be used to collect the assets of an estate, pay the decedent’s debts and distribute the balance of the estate to the lawful heirs. In order to use a small estate affidavit, however, the value of the estate must be less than $100,000 and contain no real estate.
The small estate affidavit can be obtained from the Illinois Secretary of State’s website. The affidavit contains information regarding the decedent (name, date of death and address at time of death), a list of the estate’s assets and the value of each asset and a list of any unpaid debts owed by the decedent. The signed and notarized affidavit can be presented to the decedent’s bank or other third parties holding assets of the estate.
Our office can assist with the small estate affidavit by gathering the necessary information and preparing the affidavit or we can guide you through the affidavit as you prepare it yourself. Our office charges a flat fee of $338.00 for this service regardless of which option you choose.