A sworn written declaration used to settle a decedent's estate is known as a small estate affidavit. The person's estate must be regarded as "small." You might be able to make your estate and claim assets get accelerated without going through the formal probate process by submitting a small estate affidavit.
The distribution of a decedent's property first of all to lenders, then to creditors, and finally to heirs is supervised by a formal probate court. This procedure can be expensive and distressing, especially when a deceased person's loved ones are grieving. Families can avoid going through this formal and occasionally tedious process by submitting a small estate affidavit for eligible estates. You can easily find an affidavit format template from any of the free legal forms websites that are available online.
What are the Advantages of Small Estate Affidavit?
A deceased person's estate is inventoried and valued during the probate process, which is a legal procedure where a court decides whether the will is valid, then supervises the distribution of the estate's assets. Usually, the court orders that some of the assets be sold and the proceeds applied to any outstanding debt. Credit card balances, personal loans, mortgages, and outstanding utility bills are a few examples of debt.
The rest of the estate is distributed then to the heirs of the deceased person after any applicable debts, taxes, and court costs have been settled. You probably know how stressful probate court can be and how 2 – 7% of the estate is deducted just to cover the costs of the process. Additionally, the length of the probate process can range from quite a few months to a few years. This is where an Illinois small estate affidavit comes in handy, and proves to be quite useful.
A small estate affidavit can assist a family in avoiding this entire lengthy procedure if the estate in question qualifies. This type of affidavit should ideally be approved in a matter of days or, at most, a few weeks. It is undoubtedly preferable to go through the probate court process if an estate qualifies for the affidavit.
