Perhaps you are just beginning to establish your estate plan or looking to update it. There is a lot to know and even more to learn. But don’t worry – we are here to help. There are many myths surrounding probate. How much does it cost, how long does it last and do all assets go through probate? This article will help dispel the number one myth: if I have a will, my estate doesn’t go through probate.
Probate (sometimes referred to as estate administration) is the legal process of closing your estate after you pass away. It ensures your final bills and taxes are paid and your assets are properly distributed according to your will. You also want to ensure the transition is as easy as possible for the loved ones you left behind. Of course, they will be grieving; the last thing you want to do is tie them up in court with probate.
The average Illinois probate process can take 6-12 months. However, it can be longer if the estate is complicated, there are discrepancies with the will or someone wants to fight it. In fact, there are several situations that can delay the probate process. But, with the help of an experienced estate planning and probate attorney, you can write your will to try to lessen the time and money spent on the court process.
Many people often write their will but don’t update it often enough. You want to update your will every 3-5 years or after any life-changing event such as a marriage, divorce or death in the family. Think back to the last 5 years. Have you purchased a new vehicle, sold investments, changed your IRA or opened a new bank account? A lot can change in 5 years, and your will needs to reflect the most recent assets.
If you establish a trust instead of a will, your estate will not go through probate. Many people choose a trust for the sole reason of probate avoidance. A trust can be expensive and time-consuming, but it is an option to discuss with your attorney.
Even with a will, there may be assets that still must pass through probate. Especially those that you have not recently added to your will or estate plan.
You name an executor of your will to handle the probate process. This person is responsible for ensuring all final bills and taxes are paid, all accounts are closed, and the final step is to disperse the assets according to your will. It may sound easy, but it is a huge job to ask of someone. Therefore, it is important to select an executor who has the time and knowledge to carry out your final wishes. The executor must work with agents to appraise and sell any property you want sold, and notify all creditors of your passing. Then they must inform all heirs and beneficiaries as to the contents of the will.
Did you know… there is a difference between an heir and a beneficiary? An heir is a direct decendent of the deceased person. But a beneficiary does not have to be related to the deceased person, simply someone they named in their will.
If you have any assets, such as a house, car or checking account that do not have a named beneficiary, those assets will go through probate. This will happen even if your beneficiary is your spouse or children.
A named beneficiary is someone you name when you open the account. This can include a life insurance policy or checking account. If you do not have a Payable on Death (PoD) on your checking account, the account must pass through probate before the courts disperse it to the person named in your will. A PoD can transfer the checking account directly to the person you choose. A PoD avoids probate and saves them time and money.
Working with an Illinois probate attorney who also understands estate planning is essential. It can help you establish a plan that works best for you and your loved ones and gives the executor someone to work with after you pass away. Some things a probate attorney can help the executor with are:
An experienced probate attorney can help you during the building of your estate plan and then help your loved ones after you pass away.
Learn More About The Illinois Probate Process:
Do you have questions about Illinois probate? If so, an experienced probate attorney can advise you on the best options for your situation. Contact the Estate & Probate Legal Group at 630-864-5835.
Areas We Serve: Cook, DuPage, Kane, Lake, Kendall and Will counties.
