SB 2985

Abstract

Amends the Probate Act of 1975. Requires a person executing a small estate affidavit to list and classify the debts of the decedent. Provides that all valid claims against the decedent's estate must be paid before any distribution is made to any heir or legatee. Provides that the decedent's estate should pay all claims in the order set forth in the listed classifications, and if the decedent's estate is insufficient to pay the claims in any one class, the claims in that class shall be paid pro rata. Requires the affiant to describe his or her relationship to the decedent or decedent's estate. Requires the affiant to agree to indemnify and hold harmless persons and entities who incur any loss because of reliance on the affidavit, up to the amount lost because of any act or omission by the affiant. Requires the affiant to state that any person, corporation, or financial institution recovering under the new provisions shall be entitled to reasonable attorney's fees and the expenses of recovery. Provides that the small estate affidavit shall be notarized. Provides that parties that act in good faith reliance on a copy of a document purporting to be a small estate affidavit shall be fully protected and released upon fulfillment of requirements under such a document to the same extent as if the party had been complying with requests of the representative of the estate. Provides that distributions pursuant to an affidavit may be made to the affiant notwithstanding the disclosure of known unpaid debts. Provides that the affiant (instead of other specified persons) may in writing appoint one or more persons, or himself or herself, to access the safe deposit box of a decedent. Adds applicability language. Makes corresponding changes. Amends the Safety Deposit Box Opening Act. Provides that the lessor of a safety deposit box shall not open the box in accordance with the Act if the lessor has received a copy of a small estate affidavit. Provides that the lessor shall authorize a representative of a decedent's estate or a person designated in a small estate affidavit, upon presentation of letters of office, other applicable court order, or small estate affidavit, to open the box and examine and remove the contents.