3 Illinois Probate Tips To Protect Your Loved Ones

Probate is the legal process of closing your estate. The courts will review the will and determine its validity. After that, the executor of the will begins paying all outstanding debts and taxes, inventorying all assets and finally distributing the assets according to the will. In Illinois, this process can take at least 6-12 months or longer if any disputes arise. But there are steps and probate tips you can take now to make the process easier for your loved ones.

Probate Tips

Two main reasons to establish an estate plan are to take care of yourself when you can no longer do so, and to take care of your loved ones after you pass away. Building an estate plan correctly will help with both situations. You never want to burden your loved ones with an extensive and expensive probate process.

We have compiled 3 probate tips to protect your loved ones.

1. Start With An Accurate Inventory
   • In Illinois, the probate process requires a detailed inventory of your assets. These are usually included in your will and must be confirmed by the executor. When writing your will, gather accurate information on bank accounts, property, investments and personal belongings. It is important to update your will every 3-5 years or after any major life change. Having this ready and accurate will help the probate process run smoothly.
2. Know The Executor’s Responsibilities
   • The executor manages and closes the estate, pays all final debts and taxes, and distributes assets. It is important to choose an executor who understands their obligations and will perform them legally and efficiently. They may need to seek legal guidance to answer questions or help with any particular aspect of probate.
3. Understand Illinois Small Estate Affidavit Option
   • Illinois allows a simplified process called a Small Estate Affidavit for estates with assets under $100,000 and no real estate. This option allows your loved ones to avoid the entire probate process, saving them time and money. However, they should talk with a probate attorney to ensure all requirements are met.

These steps can make the probate process smoother and minimize potential stress for your family during this emotional time.

Working With An Experienced Estate Planning and Probate Attorney

Working with one attorney who understands the estate planning and probate processes will help you build an estate plan that benefits you and your loved ones. This ensures your estate plan takes into account all your options and customizes a plan that is perfect for you.  The probate attorney can answer all questions, explain all options available and guide you in building an estate plan that easily transfers all assets to your loved ones after you pass away.

Illinois Probate Attorney

Do you have questions about the probate process? Our experienced estate and probate attorneys can advise you on the best options to protect your assets and loved ones. Contact the Estate & Probate Legal Group at 630-864-5835 to talk to an attorney today. 

AREAS WE SERVE: Cook, DuPage, Kane, Lake, Kendall and Will counties