Lake County Estate Attorney
Use of Small Estate Affidavits in Lieu of Probate
In Illinois, if a decedent's estate has a maximum value of $100,000 or less in assets, a Small Estate Affidavit may be used in lieu of probate.
Trust assets, or assets that are owned jointly with a surviving joint tenant, and assets that designate a surviving beneficiary (such as insurance policies and payable-on-death accounts) are not subject to probate and as such are not subject to the considerations that govern whether an estate can avoid probate through the use of an affidavit.
Except where otherwise stated, real estate cannot be transferred by the affidavit process. If there is individually owned real estate, it must nearly always be probated in the county and state in which it is located. In Illionois, the maximum value of $100,000 is a net equity value after liens and encumbrances are subtracted.
- Estate Planning
- Probate & Trust Administration