How do I list bank accounts on a small estate affidavit?

Lexi, Chatbot

I'm sorry to hear about your loss; that must be a difficult time for you. Are there any specific assets or accounts that you're unsure about listing?

Lexi, Chatbot

Is there anything else the Estate Lawyer should know before I connect you? Rest assured they'll be able to help with your estate filing.

EsquireChamp

Greetings, my name is Esquirechamp. A small estate affidavit generally requires a detailed listing of the decedent's assets, including bank accounts and stocks, to ensure proper distribution to heirs or creditors. Additionally, if the title to a vehicle is lost, an affidavit explaining the loss may suffice for transferring ownership. Regarding the life insurance policy, the proceeds may become part of the mother's estate if she predeceased the filing, and her probate estate would need to address its distribution.

Listing Bank Accounts and Stocks in a Small Estate Affidavit
A small estate affidavit must typically include a detailed description of the decedent's assets. For example, Illinois regulations require that a small estate affidavit describe specific assets, such as vehicles, by model year, make, and vehicle identification number (92 Ill. Adm. Code 1010.150). Similarly, in cases involving bank accounts or stocks, these assets should be individually listed to ensure clarity and proper distribution. This is consistent with the general principle that the affidavit must accurately reflect the decedent's estate to facilitate the transfer of assets to heirs or creditors (Radwill v. Romeo, Not Reported in N.E.2d (2013)).

Addressing a Lost Vehicle Title
If the title to a vehicle is lost, Illinois regulations allow for the submission of an affidavit explaining the loss. This affidavit can be used in place of the original title to transfer ownership of the vehicle (92 Ill. Adm. Code 1010.150). Additionally, the vehicle's registration and assessment in your name may support your claim to ownership, but compliance with the specific requirements of the small estate affidavit process, such as providing a description of the vehicle, remains necessary (92 Ill. Adm. Code 1010.150).

Life Insurance Policy and Deceased Beneficiary
When a life insurance policy's beneficiary predeceases the filing of the small estate affidavit, the proceeds may become part of the beneficiary's estate. In this case, the mother's probate estate would need to address the distribution of the life insurance proceeds. The handling of such proceeds depends on the terms of the policy and applicable probate laws. For example, in Matter of Estate of Coon, the court addressed the distribution of assets, including life insurance policies, based on the decedent's intent and the relationships between the parties involved (Matter of Estate of Coon, 148 A.D.2d 906 (1989)). Since you have hired an estate attorney to handle the mother's probate estate, they will likely address the inclusion of the life insurance proceeds in her estate and their subsequent distribution.

Duties of the Affiant in a Small Estate Affidavit
The affiant in a small estate affidavit has specific duties, including collecting the decedent's assets, paying claims against the estate, and distributing the remaining assets to the persons specified in the affidavit. The affiant is also personally accountable to creditors for the value of the property received (In re Blevins, Not Reported in B.R. Rptr. (2020)). This underscores the importance of accurately listing all assets, including bank accounts, stocks, and vehicles, in the affidavit to ensure compliance with legal requirements and proper distribution.

In summary, you must list each bank account and stock separately in the small estate affidavit to ensure proper distribution. If the vehicle title is lost, an affidavit explaining the loss may suffice for transferring ownership, provided all other requirements are met. The life insurance policy proceeds may become part of the mother's estate, and your estate attorney will address their distribution through her probate estate.

EsquireChamp

When completing a small estate affidavit, assets must generally be listed with sufficient specificity to identify them, and their distribution must align with the statutory requirements and the decedent's estate plan or intestate succession laws. Regarding the specific questions:

Listing Bank Accounts and Stocks Separately: Bank accounts and stocks should be listed separately in the affidavit to ensure clarity and proper identification of the assets. This is consistent with the general requirement that the affidavit must describe the decedent's property in a manner that allows for its identification and distribution to the rightful heirs or beneficiaries. For example, in In re Johnsson, a small estate affidavit was used to close out specific bank accounts, demonstrating the need for individual identification of such assets (In re Johnsson, 551 B.R. 384 (2016)).

Life Insurance Policy Paid to a Deceased Beneficiary: If a life insurance policy was paid to the decedent's mother, who subsequently passed away before the filing of the affidavit, the proceeds of the policy would likely become part of the mother's estate unless otherwise directed by the policy or applicable law. The affidavit should note the life insurance policy and its distribution, as insurance policies are often considered personal property. For instance, in Burkett v. Mott, the court discussed the treatment of insurance policy benefits as personal property, which can be subject to estate distribution (Burkett v. Mott by Maricopa County Public Fiduciary, 152 Ariz. 476 (1986)). Additionally, Pennsylvania regulations require listing insurance policies in estate-related forms, further emphasizing the importance of including such assets in the affidavit (55 Pa. Code § 257.24).

Truck Registration Without Title: If the truck's title cannot be located, the affidavit should still list the truck as an asset, and the affiant may need to take additional steps to transfer ownership. Under small estate statutes, the affiant is authorized to collect and distribute the decedent's assets, which may include facilitating the transfer of vehicle ownership. For example, in In re Fowler, the statutes authorize the affiant to liquidate or manage assets to satisfy claims or facilitate distributions (In re Fowler, 400 S.W.3d 796 (2013)). The assessment and registration in your name may suffice for practical purposes, but you should verify with the relevant motor vehicle department whether additional documentation is required to complete the title transfer.

Requirements for Listing Assets in a Small Estate Affidavit
Small estate affidavits must include a detailed description of the decedent's assets to ensure proper identification and distribution. This includes listing each bank account and stock separately, as demonstrated in In re Johnsson, where specific bank accounts were closed using the affidavit (In re Johnsson, 551 B.R. 384 (2016)). The affidavit must also comply with statutory requirements, such as those outlined in Illinois law, which mandates that the affidavit take a specific form and include all necessary information for asset distribution (Radwill v. Romeo, Not Reported in N.E.2d (2013)).

Treatment of Life Insurance Proceeds
Life insurance proceeds paid to a deceased beneficiary, such as the decedent's mother, should be addressed in the affidavit. These proceeds may become part of the mother's estate unless otherwise specified. Courts have recognized insurance policies as personal property subject to estate distribution, as seen in Burkett v. Mott (Burkett v. Mott by Maricopa County Public Fiduciary, 152 Ariz. 476 (1986)). Additionally, Pennsylvania regulations emphasize the importance of listing insurance policies in estate-related forms (55 Pa. Code § 257.24).

Addressing Missing Vehicle Titles
When a vehicle title is missing, the affiant should still list the vehicle in the affidavit and take steps to transfer ownership. Small estate statutes authorize the affiant to manage and distribute assets, including vehicles, as necessary. In In re Fowler, the court noted that affiants are empowered to liquidate or manage assets to facilitate distributions (In re Fowler, 400 S.W.3d 796 (2013)). While the assessment and registration in your name may suffice temporarily, you should confirm with the motor vehicle department whether additional documentation is required to complete the title transfer.

EsquireChamp

You're welcome. Thank you for your time.