Illinois 2015 Estate Planning Law Changes - Revised Small Estate Affidavit
This is the second in a series of posts about changes to Illinois estate planning law for 2015. The first post went over changes to the Power of Attorney Act , and particularly the new "Statutory Short Form" Power of Attorney for Health Care . Article 25 of the Probate Act , on "Small Estates," was also significantly changed. The Small Estates portion of the Probate Act provides the option for a representative of a decedent to prepare and sign a "Small Estate Affidavit" to be provided to a bank or other financial institution or person holding estate assets, to facilitate payment and release of the estate's assets as directed in the affidavit. For eligible estates, the Small Estate Affidavit serves as a short-form, expedited process that can be used in lieu of a formal probate filing. Eligibility is primarily determined by the assets the decedent's personal estate not exceeding a total value of $100,000. The Affidavit itself is a form ...