What if you forget minor items of property or it is not convenient to transfer all your property such as your checking account or car? $100,000 or less of personal property can be transferred to your heirs or the beneficiaries of your will without probate by means of a small estate affidavit. This is an affidavit by a survivor which states what property is in your estate (outside the trust or without beneficiary designation), what debts still must be paid, and who is entitled to the property. This authorizes banks and others to release the property to the persons indicated in the affidavit without court intervention.
If you need assistance setting up a small estate affidavit or with other estate planning matters, contact Chicago’s estate planning attorney Don Thompson at 312-201-1436 or email at email@example.com