Legal Question in Wills and Trusts in Illinois
My brother recently passed away and my son is the executor of the will. My brothers bank is requiring a POD form in order to close the account but there was not one completed. The estate is extremely small monetarily and my son lives halfway across the country. What should we do?
3 Answers from Attorneys
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A small estate affidavit can be used if the total assets your brother left are under $50,000 and there is no real estate in the estate. This is a standard form, Google "Illinois Small Estate Affidavit" and proceed accordingly. Ask the bank if they have their own form (some do even though it's a standard form). Use of a small estate affidavit is used to transfer assets from the decedent's name into the name of the party named in the will or to the party to whom state law says should receive the property if there were no will. A small estate affidavit is routinely used to avoid the need to file a court case. :
Whoops! I answered earlier saying a "small estate" is $50,00 or less, actually it's $100,000. Sorry if I created any confusion.
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