In many states the law provides an informal means or process for administering small estates, as defined by the state’s statutes.
For example, in some states an estate under a certain value may be distributed using an affidavit known as a small estate affidavit that is signed by the persons to whom the estate’s assets are to be distributed and two disinterested witnesses.
And other states have a simplified small estate process under which the successor to an interest in real property may petition the court to transfer the real property and recognize the transfer of personal property.
Laws vary from state to state and a state’s informal process for administering a small estate is usually located in the state’s statutes—often in the estates code or probate code.
In Illinois, the law provides for a simplified process to administer small estates through the use of a Small Estate Affidavit. This process is governed by the Illinois Probate Act, specifically under 755 ILCS 5/25-1. According to this statute, if the total value of the decedent's personal estate (property that does not include real estate) does not exceed $100,000, the beneficiaries may use a Small Estate Affidavit to claim assets without going through formal probate. The affidavit must be signed by the beneficiaries and attested by two witnesses. Additionally, Illinois law allows for the summary administration of small estates in certain circumstances, which is a more streamlined court procedure than regular probate. This is applicable when the value of the entire estate, including real and personal property, minus liens and encumbrances, does not exceed a certain amount. It is important for individuals to consult with an attorney to ensure compliance with all legal requirements and to determine the most appropriate process based on the specific circumstances of the estate.