Bill > SB2704

This bill amends the Probate Act of 1975 to clarify the definition of motor vehicles that are not considered "excluded" when determining the value of a deceased person's estate for small estate affidavit purposes. Specifically, the bill expands the list of motor vehicles that will not be excluded from estate calculations to include: vehicles used as living quarters, motor homes and van campers, non-self-propelled vehicles, commercial vehicles, implements of husbandry, and buses or commuter vans. This change impacts the small estate affidavit process, which allows for simplified transfer of a deceased person's assets when the total estate value is under $150,000 and no formal probate proceedings are pending. The bill ensures that a broader range of vehicle types are counted when assessing the total value of a decedent's estate, potentially making it more difficult to qualify for the small estate affidavit process by potentially increasing the calculated estate value. The amendment applies to decedents whose date of death is on or after the effective date of the act.

Justice

https://www.ilga.gov/Legislation/BillStatus?DocNum=2704&GAID=18&DocTypeID=SB&SessionID=114&GA=104