When setting up your estate plan, you want to make everything as easy as possible for those you leave behind. You hate to think that your loved ones must wait for and pay for probate court before they can settle your estate. But there are ways around this. In this article, we will talk about 3 ways to avoid probate in Illinois.
How to Avoid Probate in Illinois
Even if you have a will, the probate court will step in to ensure the will is executed correctly. But this could cost your loved one’s court fees and the time it takes for the court to process your will. Many people work with an experienced estate planning attorney and opt for other ways to distribute their assets after you are gone.
3 ways to avoid probate in Illinois:
- Living Trust
A living trust is a legal document that allows you to give someone the responsibility to manage your property now, and then receive it as a beneficiary when you pass away. This way, the property is still yours to use. It simply allows the trustee to take care of it for now. If you cannot manage and care for the property, this person can help you.
- Community Property with Survivorship
Illinois is not a community property state. This means that if only your name is on the deed to a property, it may not automatically transfer to your spouse after your death without it going through probate court. To avoid probate court, you can retitle the deed to another form of ownership or transfer it into a trust. This allows the property to transfer directly without the need for probate court.
- Transfer on Death (TOD) Deed.
With a TOD, you specifically name your beneficiary on the deed. This way, when you pass away, it will transfer directly to the beneficiary. The beneficiary of a transfer on death deed does not need to be a spouse; you can transfer the property to whomever you want. Plus, since you named your beneficiary a TOD, the property avoids probate court and does not have to pay a gift tax. The title is not considered a gift when automatically transferred this way.
Oak Brook Estate Planning Attorneys
Are you planning your estate and have questions about how your estate can avoid probate court? An experienced estate planning lawyer can advise you throughout the process. To talk to an estate planning attorney in Chicago about how to make your will, contact the Estate & Probate Legal Group at 630-864-5835.
AREAS WE SERVE: Cook, Dupage, Kane, Lake and Will counties.
