small estate affadavit

[johnny m]

What is the name of your state? Illinois

my mom recently passed. all assets where held in joint name with my father except one stock valued at $42,000, which was titled in moms name only.

the broker was able to change all stocks held in joint name to my fathers name only with a certified copy of the death certificate and a signature guarantee on the back of the stock certificate.

he told me i would need a document from the court for the certificate in moms name only along with a certified copy of the death certificate to change to dads name only.

i obtained a "small estate affadavit" from the circuit court of cook county probate division and filled it out and had dad sign it. it states that the state of illinois has a $100,000 limit on small estates, we are obviously under that. i submitted everything the broker asked for. my question is do i need to mail the same information to the clerk or am i done with the process. there is no contesting of anything and mom did not have a will.

 

[Dandy Don]

Talk to a local probate lawyer to find out for sure whether probate is needed in your situation. The document you really need is called "letters testamentary" and that is issued to the executor/administrator shortly after opening up probate. Only the executor/administrator has the authority to claim any and all assets, so is that going to be you or your father or a probate attorney you hire?

 

[dmode101]

It sounds like you are on the right track. You do not need to file the small estate affidavit with the court. Assuming your mom has no outstanding debts or other assets, you should be able to transfer this with the small estate affidavit and not go through probate at all. When the estate is under $100,000, an affiant under a small estate affidavit does have the authority to claim assets and distribute them as provided in the decedent's will, or if no will, then under Illinois intestacy law. If your mom didn't have a will, then half goes to your father and have goes to your mother's children, per stirpes.