Non Probate Affidavit Illinois – A Non Probate Affidavit is a legal instrument that transfers a deceased person’s assets without the need for a probate estate to be administered. In some states, this kind of document is a helpful tool for asset transfers. For instance, if a person has a joint tenancy with right of survivorship when they pass away, they could be able to transfer their assets without going through probate. Other assets, such as life insurance policies, accounts payable on death, automobiles, and real estate with a transfer-on-death deed, may also be protected from probate. Even the primary residence may be spared from probate in some areas, and the real estate distribution procedure has been expedited.
Affidavits for small estates
The use of small estate non-probate affidavits is permitted by Illinois law. The distribution of assets can be done quickly thanks to this approach. This process doesn’t include the transfer of real estate and doesn’t call for the attendance of a probate court. An estate is eligible for this alternate approach if its value is less than $100,000.
Both online and in person at the county clerk’s office, these affidavits are accessible. They must include the beneficiary’s name, that of the deceased, and the names of any further family members. Any debts must also be disclosed. A notary public must also sign the document. The possession of the deceased person’s death certificate is one of the crucial conditions that must be satisfied in order to submit a small estate non-probate affidavit.
The transfer of real estate is the sole exemption to the small estate non probate affidav legislation. Despite the fact that minor estate affidavits are not illegal in this state, there are still many reasons to have a lawyer create this form for you.
With right of survivorship, joint tenancy
You can create a joint tenancy with right of survivorship if you own property with your spouse and want to avoid probate. When the decedent passes away, the property is automatically transferred to the surviving spouse under this style of ownership. Particularly advantageous are these kinds of ownership for couples who buy expensive property together. Joint tenants in Illinois are required to own an equal interest in the property.
You must complete an affidavit of survivorship if you and your spouse are joint tenants in a property. The county clerk’s office should receive the completed affidavit so that it can be used to record the deceased’s death certificate. This website offers a free download of the affidavit of survivorship.
A typical form of property ownership is tenants in common. Joint owners benefit from the adaptability and permanency of this sort of ownership arrangement. Also, probate is avoided. However, it’s critical to comprehend both the advantages and drawbacks of shared tenancy. Understanding these agreements better will help you avoid many future hassles. If you’re unsure, you can speak with a local real estate lawyer.
movable property not subject to formal probate
You can transfer assets directly to beneficiaries in Illinois without going through the courts and avoiding probate. You can avoid probate in a number of ways, including by designating beneficiaries for financial assets. A payable-on-death (POD) designation is one technique that enables your beneficiaries to obtain the funds straight from the financial institution after your passing. Using a transfer-on-death (TOD) designation for assets like real estate and vehicles is an additional choice.
You can avoid formal probate in Illinois for minor estates with a gross value below a particular threshold. Your estate must be worth less than $100,000 or contain no real estate in order to escape probate. You should speak with a lawyer to find out if your estate is eligible. Additionally, the administration of your estate will be simpler the more non-probate assets you have. Additionally, if your estate has assets that don’t need to go through a formal probate process, they can be transferred quickly and unsupervised.
Another technique to transfer assets to beneficiaries without going through the probate procedure is through transfer-on-death (TOD) stock registration. You can choose one or more beneficiaries for your brokerage account using this option. This document is sent to the Secretary of State’s office in Illinois. By doing it this manner, you can avoid probate court procedures because the brokerage firm will handle the transfer.
Costs associated with handling a small estate
There are a number of alternatives to using probate to govern a small estate in the state of Illinois. In the office of the Cook County Circuit Clerk, you can file an affidavit. You will be required to fill out a form with your name, address, and some details about the deceased. If you want to give the estate to someone else, you must have this document.
In most states, this affidavit is helpful and can simplify the administration of a modest estate. A legitimate will may be used in combination with the affidavit. The affidavit can be used to divide your decedent’s possessions in accordance with your preferences if you have a legal will.
You must submit a certified copy of the deceased’s will and a copy of their death certificate with the affidavit. It is best to use a lawyer to draft this document because they will ensure that it is properly worded and complies with state regulations. The titles to the things and the value of the decedent’s interest in them, as well as other details about the probate personal estate, will be required by the attorney.
Download Non Probate Affidavit Illinois Form 2022
