Inheriting A House? 3 Tips To Avoid Probate – Part 2

  • Illinois Probate Law
Inheriting A House? 3 Tips To Avoid Probate | estate and probate legal group

If you read the previous blog concerning probate, you may wonder how you can avoid the long and complicated process. We listed the steps an executor must follow to close the estate so that you can understand why it may take longer than expected to inherit a house. The average probate process can last 6-12 months or longer if it involves a large estate or someone contests the will. In this blog, we will explain 3 tips to avoid probate and why you may still need a probate attorney on your side.

Tips To Avoid Probate

Here is the first blog, Part 1—What To Know About Probate. Many people don’t realize the lengthy steps required for an estate to pass through probate. As a beneficiary, once you understand the steps needed, you can see why it can take up to a year to take possession of the house you are inheriting.

But what if you are writing a will and don’t want your beneficiaries to wait a year or longer to receive the assets you leave behind?

Here are 3 tips to avoid probate that you can use to help your loved ones.

  • Create a Living Trust. By placing your home and assets in a living trust, you can ensure it passes directly to your heirs without going through the probate process. This allows for a smoother, quicker transfer of property and maintains privacy.
  • Use Joint Ownership. Holding your home in joint tenancy with Right of Survivorship means that when one owner passes away, the property automatically transfers to the surviving owner, bypassing probate.
  • Designate a Transfer on Death (TOD). Illinois allows you to designate a TOD beneficiary for your home. This means the property will transfer directly to the named beneficiary upon your death, avoiding probate entirely.

These are 3 ways to set up your estate plan in order to avoid probate. When you work with an experienced estate planning attorney, they can discuss your unique situation, and together, you can decide if any of the above alternatives would work best for you.

Oak Brook Estate Planning and Probate Attorneys

Do you have questions about avoiding probate in Illinois? Our experienced trust attorneys understand applicable laws and advise you on the best options to protect your assets and loved ones. To talk to a lawyer,  contact us here or call the Estate & Probate Legal Group at (630) 864-5835.

Areas We Serve:  Cook, DuPage, Kane, Lake, Kendall and Will counties