As a follow-up to the recent blog series about the estate administration process (read PART 1), I felt it was worth mentioning that there is a summary type administration process available in Illinois.
If the assets of a decedent are less than $100,000, there is a process that may be utilized called a "small estate affidavit" process. There are many times where a deceased may pass away and only own a vehicle or a nominal bank account in their own name. If that person has no creditors, the law recognizes that administering the decedent's estate may be cost prohibitive.
The Small Estate Affidavit can be presented to a financial institution or the Secretary of State and dictate where the assets of the deceased should be transferred. In some situations, this process is a very cost-efficient way to finalize the affairs of the estate. As with any legal proceeding, a competent attorney can give the best advice about whether or not the scenario lends itself to utilizing this process.
If I can make any broad generalizations about administering a Decedent's estate, it would be that it is always easier if the Deceased had written a Will. This single document usually makes things go much smoother for everyone.
If there is ever a legal topic that you would be interested in hearing about, I always welcome input. Thanks for reading.
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