In this Elder Law Minute, Attorney Kaye DeSelms Dent from Dent Coulson Elder Law explains how the Illinois small estate threshold is increasing—giving more families the opportunity to settle a loved one’s estate without going through probate.
What Is Considered a Small Estate in Illinois?
An estate is the property you own solely in your name at death, without a beneficiary designation, payable-on-death provision, trust ownership, or joint ownership. For many years in Illinois, an estate was considered “small” if it was worth $100,000 or less, excluding real estate.
The New Illinois Small Estate Limit
The threshold will soon rise to $150,000 (still excluding real estate). This change means more families can use simplified methods—such as a small estate affidavit—to settle affairs without full probate court proceedings.
When Real Estate Is Involved
If an estate includes real estate, it generally cannot be handled with a small estate affidavit. However, there may still be non-probate options available, depending on the circumstances.
Why This Matters
Avoiding probate can save families time, reduce costs, and maintain privacy. The higher small estate limit opens the door for more people to benefit from this streamlined process.
Final Thoughts
If you’ve recently lost a loved one and believe their estate may qualify as a small estate, our team can guide you through your options and help determine the best approach.
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“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.
