When an individual passes away and leaves his or her assets to loved ones through the means of an intestacy or will, it the function of a probate court to superintend the meting out of those assets. The validity of any will attached to the decedent must be evaluated by the probate court. If the decedent has no will, the court may direct payments of obligations, including taxes and debts, or it may decide how the property is to be distributed. A Deerfield estate tax attorney can provide you with legal guidance in these types of probate matters.
Some probate court proceedings can be finished in short order. However, others involve tasks that can consume a lot of time, including the taking of inventories and property appraisals. If you a small estate is involved, there are several shortcuts in the probate process available in the state of Illinois. Contacting a reliable and experience Deerfield estate tax attorney can help you maneuver through the process.
Affidavit Information
When the assets of the decedent are valued at below $100,000 (and do not include real estate), beneficiaries are permitted to bypass probate proceedings. In these cases, an executor of the will appointed by the court will prepare and affidavit that will include certain information, including an itemized list of the assets of the decedent. In addition the affidavit will itemize all of the decedent’s outstanding debts.
If through the instrument of a will the beneficiary has inherited the decedent’s assets, then a copy of the will must be joined to the affidavit. The affidavit must then be signed under oath. Once this is done, it can be delivered by the executor to the entity or person that has temporary possession of the property. When received, the entity, usually a bank, will discharge the assets to the individual who has completed and signed the affidavit.
The heirs or beneficiaries are not permitted to receive any portion of the assets until the administrator or executor has paid the known debts of the decedent. With a reliable Deerfield estate tax attorney in your corner, you can move through this process efficiently and without unnecessary disruption.
Distribution
Distribution may also be accomplished without an affidavit for beneficiaries of small estates. In these situations, the executor files a written request with the court. Upon authorization the executor is given the power to distribute assets with the probate court’s administration.
