Small Estate Affidavit Guide

Summary

A small estate affidavit in Illinois can transfer property worth $100,000 or less without formal probate. Foreclosure may lead to a deficiency judgment, but it is generally against the debtor, not the next of kin. Consult a legal professional for personalized advice.

Full Conversation

Small estate affidavit
Hello ****, a small estate affidavit is a legal document that you can use to transfer property to heirs without formal probate. May I know in which state you are located so I can provide more specific information?
IL
Hello ****, in Illinois:
- A small estate affidavit can be used if the deceased's property is worth $*,* or less.
- No real estate can be included.
- This should be done 30 days after the deceased's death.
Consider consulting a legal professional for detailed guidance.
If I let my deceased dad's house go back to the bank. Can they take his car as an asset
Hi ****, in Illinois:
- If the house is foreclosed, the bank may seek a deficiency judgment for the balance due.
- The bank cannot take assets like a car directly, unless it was used as collateral.
- Consult a legal professional for personalized advice.
Can the bank make a deficiency judgement against the next of kin
Hello ****, in Illinois:
- A deficiency judgment is generally against the debtor, not the next of kin.
- Next of kin are not typically responsible for the deceased's debts unless they co-signed for it.
- Consult with a legal professional to understand your specific situation.