Legislature considering modifications to small-estate affidavits
A revamped proposal to modify the requirements for small-estate affidavits has been submitted to the Illinois General Assembly, and lawyers who helped draft the legislation are optimistic that this time they got it right.
"It seems that in practically every legislative session a bill is introduced to change the small-estate affidavit," said Dixon-based estate-planning attorney Gary R. Gehlbach. "In my opinion, those changes would have made it more difficult to use the affidavits…[because] the more detailed the law becomes, the more difficult it is to use the affidavit as a practical matter for avoiding the probate process."
Read more in the April Illinois Bar Journal.
Member Comments (1)
I have not seen the proposed new small estate affidavit, however, in its final form, the affidavit should provide a section listing all of the decedent's creditors, with the amount owed to each creditor, and allow the financial institution to either directly pay the amount owed to each creditor, or issue checks payable to each creditor and give those checks to the affiant for delivery to each creditor. Thereafter, the financial institution would issue checks in the same fashion to the heirs/legatees.
William H. Rosen
Attorney At Law
33 N. Dearborn Street
Suite 2220
Chicago, Illinois 60602
Telephone: (312) 726-2262
Fax: (312) 726-2264
roseninlaw@aol.com