“When any person or corporation (1) indebted to or holding personal estate of a decedent, (2) controlling the right of access to decedent's safe deposit box or (3) acting as registrar or transfer agent of any evidence of interest, indebtedness, property or right is furnished with a small estate affidavit in substantially the form hereinafter set forth, that person or corporation shall pay the indebtedness, grant access to the safe deposit box, deliver the personal estate or transfer or issue the evidence of interest, indebtedness, property or right to persons and in the manner specified in paragraph 11 of the affidavit or to an agent appointed as hereinafter set forth.” 755 ILCS 5/25 1
A Small Estate Affidavit is a sworn document used to take control of a decedent’s Estate when there is a limited number of Assets in the Estate. Currently, the Illinois statute, says that the value of the Estate must not exceed $100,000.00 to utilize this device. The advantage of this is that it becomes unnecessary to open up a Probate Case, which eliminates the associated filing costs and attorney fees.
The device itself lays out some facts about the estate, which an Affiant then signs under penalty of perjury. This allows creditors to know the current circumstances of the estate. It also makes the Affiant personally liable to any creditors, heirs, or others who incur a loss for mistakenly relying on the document.
The provisions within the Small Estate Affidavit show how the Assets of the Decedent should be distributed, if there is a Will it must be attached and followed. The Death Certificate of the Decedent must also be attached.
This tool is great, when specifically allowed by the statute, for getting at the assets of an estate (such as opening a safe deposit box). It can simplify the process of gathering the decedent’s assets, if the estate is not very big or diverse.
© 2006 Prendergast & DelPrincipe
All writing on this website is provided for generic informational purposes and should not be construed as legal advice of any nature. An attorney or other appropriate professional should always be consulted before making decisions that may affect ones personal, legal, or financial status. |
