Some people are confused as to what legally happens after your loved one dies. Probate is the legal closing of an estate. It includes identifying and paying all outstanding debts, taking inventory of all assets and distributing them according to the will. The executor of the will oversees the probate process but must report the progress to the courts and the beneficiaries. In this 4 part series, we will discuss probate tips that you shouldn’t overlook.
Probate can be a confusing and grueling process if you have never been through it. However, learning the process will help you through the following year. Yes, the average probate in Illinois lasts 6-12 months and can be longer if the estate is intricate or someone disputes the will.
One tip to consider is: Learn from the mistakes of your loved ones.
If you are currently struggling through the probate process from the loss of a loved one, you can learn what to do (and not do) to make probate easier on others after you pass away. A recent client personally witnessed the aftermath of their dad’s death without a will. This lesson taught them the importance of having a will, listing beneficiaries, and establishing a strong estate plan.
An estate plan does not have to be difficult, and it can include
You will also want to ensure that these documents work together with other items, such as your retirement plan and life insurance.
Many people feel an estate plan is either for the extraordinarily wealthy or is too complicated to start. But neither of those is true. An estate plan does not have to be complex; it can consist of just a few legal documents.
Let’s look at the 3 documents listed above.
A Will – The will is where you give directions on handling your estate after you pass away. It tells your loved ones how to distribute your assets, who should care for your pets and who you choose to be a legal guardian for any minor children.
Healthcare Directive – A healthcare directive tells your loved ones and doctors of your medical wishes when you cannot do so. This can be temporary, such as if you are in an accident, or permanent, such as end-of-life care.
Power of Attorney – A power of attorney allows you to authorize someone to act on your behalf. This can include paying your bills, filing tax returns and buying or selling property. A POA also can be temporary or permanent, depending on your situation.
This is our first probate tip you shouldn’t overlook: learn for your loved ones and build a strong estate plan. Do not leave your loved ones with a long and challenging process. And being prepared will help them through the difficult time of losing you. An experienced estate planning and probate attorney can help you get started and build an estate plan specific to your life.
Read Probate Tips 2-4 here:
One Probate Tip You Shouldn’t Overlook: Part 2
One Probate Tip You Shouldn’t Overlook: Part 3
One Probate Tip You Shouldn’t Overlook: Part 4
An Illinois estate planning lawyer can help you establish your estate plan. To talk to a qualified attorney in the Chicago area, contact the Estate & Probate Legal Group at 630-864-5835.
Areas We Serve: Cook, DuPage, Kane, Lake, Kendall and Will counties.
