Shorewood Small Estate Affidavit Attorneys
SHOREWOOD SMALL ESTATE AFFIDAVIT ATTORNEYS
What is a Small Estate Affidavit?
A Small estate affidavit is a sworn legal statement that is used when a person dies with a small estate in the State of Illinois. A small estate is defined as an estate of a deceased person worth less than $100,000 in personal property. Small estate affidavits are limited to personal property and are inapplicable to real estate property.
Unlike a probate court proceeding in Shorewood and Illinois, the affidavit submitted is a sworn legal document.
Probate court is a court-supervised administration process where a probate attorney is generally needed. In contrast, a small estate affidavit in Shorewood is a simple process, which generally requires a small legal fee by an estate planning and probate attorney. A small estate affidavit does not require letters of office, which typically are asked for by financial institutions, banks, Secretary of State, and insurance companies.
Purpose of the Small Estate Affidavit
The Small Estate Affidavit in Shorewood and Illinois is designed to create a smooth and easy process for small estates under $100,000 in personal property to receive their inheritance. The Illinois legislature intends for small estates to bypass the probate court process. However, there are times where probate court is desirable over the small estate affidavit process. One of the benefits of probate court is cutting off and settling creditor debts. Generally, the Small Estate Affidavit requires payment of creditors before monies are distributed to the heirs and legatees. Furthermore, the Small Estate Affidavit cannot be used in combination with real estate.
EXPERIENCED PROBATE AND SHOREWOOD SMALL ESTATE AFFIDAVITS
We are a quality estate planning and probate attorney in Shorewood. Our offices in Shorewood caters to Minooka, Morris, Joliet, Plainfield, Crest Hill, Rockdale, Homer Glen, Frankfort, Romeoville, Bolingbrook, and other cities in Will County. Sean has over 15 years of experience as an estate, probate, and small estate affidavit attorney. Call Sean at 630-780-1034.