With the new year comes new legislation regarding Illinois probate and estate planning laws. It is wise to be aware of these laws, but your probate and estate planning attorney will understand them completely and help you adjust your probate or estate planning as needed. Estate planning and probate can be intertwined or completely separate – it is your choice. It is possible to have one attorney who can help you build your estate plan and then help your loved ones through the probate process.
Using an estate planning attorney to build your plan and update it every 3-5 years is wise. And, the probate process can be long and expensive, but with the help of an attorney, it does not have to be exceptionally difficult. As you can see, having an attorney to help you with one or both situations is beneficial to you and your loved ones.
The laws are ever-changing, including probate laws. Probate is the legal process of closing the estate of a deceased person. This includes assigning an executor or administrator of the will. The executor also pays all debts before transferring the assets to the beneficiaries.
Probate can take an average of 6-12 months for a fairly simple estate and longer for a more complex one. The courts oversee the process and ensure the executor or administrator follows the deceased’s final wishes, as stated in their will.
This means that the state will appoint a guardian to a person when their family is unable or unwilling to do so. If you apply for guardianship over someone you are not legally related to, the courts will first appoint a State or County guardian until they review your request.
Estate planning involves more than a will or trust. At a minimum, an estate plan should include:
Other documents to consider in your estate plan include your retirement plans, life insurance and investment accounts. These are often not included in the will due to the fact that they already have named beneficiaries. You were asked to name your beneficiaries when you established your life insurance. If you accidentally list your life insurance policy in your will and with different beneficiaries, the courts must intervene and settle this dispute. The courts will rule in favor of the beneficiaries listed on the life insurance policy, not the will. But this will cause a delay and perhaps other legal disputes.
The second part of the new bill states that the trustee must keep all records pertaining to the trust for at least 7 years after the trust is dissolved.
An experienced probate attorney can help explain the probate process and help you through it. Perhaps you only have some questions – a probate attorney can answer them for you. Or, maybe you need someone to completely take over the probate process – an experienced attorney can do that, too. Some things the probate attorney can do are:
Working with a probate attorney can help alleviate the stress of the probate process.
If you have questions about probate, estate planning or the new laws, please contact us to schedule a free consultation. Whether you have concerns about your probate case or need to update your estate plan, we can help. Call us at 630-864-5835.
Areas we serve: Cook, DuPage, Kane, Lake, Kendall and Will counties