Bill > SB0083

This bill amends the Small Estates Article of the Probate Act of 1975 to update the rules for using a small estate affidavit to transfer a deceased person's personal property. The bill increases the threshold for using the small estate affidavit from $100,000 to $150,000 of personal property (excluding motor vehicles) and allows for the transfer of motor vehicles registered with the Secretary of State. The small estate affidavit can only be used if no letters of office are outstanding or pending for the estate, and it provides a detailed process for transferring assets. The affidavit requires the person filing it to list all assets, debts, and potential heirs, and to understand that they are responsible for paying any valid claims against the estate before distributing assets. The bill also includes provisions to protect financial institutions and other entities that rely on the affidavit in good faith, and it specifies that the changes apply to decedents whose date of death is on or after the effective date of the amendment. The bill aims to simplify the process of settling small estates by providing a more streamlined alternative to formal probate proceedings.

Justice

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=83&GAID=18&DocTypeID=SB&SessionID=114&GA=104