Probate brings a person’s estate under court scrutiny after they pass away, requiring a strict accounting of a person’s assets and debts. The probate process can be complicated, time-consuming, and emotionally draining for everyone involved. Even when someone dies with a will, probate courts in Illinois can still be required to oversee the distribution of assets and payment of debts and taxes.
Knowing how to avoid probate in Oak Brook can make life easier for grieving family members after a devastating loss. Our dedicated team of probate attorneys at the Estate & Probate Legal Group can help you understand how probate works and how to avoid probate when possible. Call our law office to see how we can help.
Probate is the legal system used by courts to manage someone’s estate after death. Through probate, debts are paid, and assets are distributed in an orderly fashion, under timelines and requirements set by state law. An executor or administrator may be responsible for managing the estate, and interested parties may contest a will, further complicating the probate process.
Probate court involves the opening of an estate, the establishment of timelines for creditors to file claims, and the distribution of assets to heirs. Only upon a court’s approval can the estate be closed in probate.
For these and many other reasons, people in Oak Brook might wish to avoid probate altogether and simplify the process for their families after they are gone. Skilled probate and estate planning attorneys can help clients avoid probate by using effective estate planning tools.
Oak Brook clients can avoid probate by using certain key strategies that might be available, including:
Living trusts allow grantors to transfer assets into the trust during their lifetimes, while still allowing the creator to act as trustee and control the trust before death. Revocable living trusts offer flexibility to modify or revoke the trust, while also providing privacy not available in probate court.
Many financial accounts (including bank accounts, retirement accounts, life insurance policies, and investment accounts) allow beneficiaries to be designated so that funds go directly to them without going through probate.
For certain simple estates, a small estate affidavit pursuant to 755 ILCS 5/25-1 can be used to transfer property without opening a probate case. State law requires that small estates cannot hold more than $150,000 in assets (excluding motor vehicles), so this option is not available to all. However, it is a useful tool for many estate plans.
Jointly owned property can be titled so that it passes to the co-owner (such as a spouse) immediately, without the need for probate.
State law allows Transfer-on-Death (TOD) instruments to automatically transfer property upon death (as the name suggests). TOD deeds allow you to designate a beneficiary to take the property, while still allowing you to retain full control and ownership during your lifetime.
By using these and other estate planning techniques, people can retain control over their assets and avoid probate, with the help of a knowledgeable probate attorney.
Getting ahead of your estate planning can help you direct where your assets go and keep them out of probate court. Our experienced estate planning attorneys will review your situation and show you how to avoid probate in Oak Brook whenever possible. Call today to learn more.
