5 Simple Steps to Avoid the Probate Process in Illinois
The probate process can seem overwhelming and confusing, but it’s important to understand, especially if you want to avoid it. Here’s a simple breakdown of what probate is, how it works in Illinois, and the steps you can take to bypass it altogether.
What Is Probate?
Probate is the legal process of distributing someone’s assets after they pass away. It involves validating the will (if there is one), paying off any debts or taxes, and distributing what’s left to the heirs. If the deceased didn’t leave a will, the court will determine how to divide their assets according to Illinois law.
Why Would You Want to Avoid the Probate Process?
There are a number of very valid reasons for wanting to avoid the probate process if possible. First, it can be quite time-consuming. Completing the probate process can take months, or even years in some cases, to finalize. Another big reason is the cost involved, which can include legal fees, court costs and other expenses that can add up throughout the process. Additionally, going through probate can be emotionally and financially stressful for everyone involved. Given these potential issues, finding a way to avoid it can make a difficult time easier for loved ones.
How Probate Works in Illinois
In Illinois, not every estate goes through probate. If the total value of the assets is less than $100,000, and there is no real estate involved, the heirs may be able to skip the probate process entirely by using a Small Estate Affidavit. But if the estate is larger or includes real estate, probate is often required unless the person took steps to avoid it while they were still alive.
Ways to Avoid the Probate Process in Illinois
The good news is, there are certain things you can do to help ensure your estate does not have to go through probate. Here are a few common ways to do that:
- Create a Revocable Living Trust
A revocable living trust is one of the best ways to bypass the probate process. When you set up a trust, you transfer ownership of your assets to the trust while still maintaining control during your lifetime. Upon your death, the trustee (who you appoint) will distribute the assets according to your wishes without needing to go through probate.
- Joint Ownership of Property
If you own property jointly with someone else and have “rights of survivorship,” the property automatically transfers to the surviving owner when you pass away, bypassing probate. This is common with married couples for homes and bank accounts.
- Beneficiary Designations
Many assets, like life insurance policies, retirement accounts, such as 401(k)s, and payable-on-death bank accounts, allow you to name beneficiaries. Upon your death, these assets go directly to the named beneficiaries without going through probate.
- Transfer-on-Death (TOD) Designations
Illinois allows you to file a Transfer-on-Death Instrument for real estate, which lets you name a beneficiary who will automatically inherit the property after your death. This avoids the need for probate for your home or other real estate.
- Work with an Experienced Estate Attorney
Every estate is unique and has different assets and circumstances. When it comes to allocating your estate, working with an experienced attorney can help to ensure your loved ones avoid the stress of the probate process and that your wishes are carried out as you intended. Our attorneys will provide an individualized plan that meets your current needs, as well as defines your plan for disbursement in the future.
Probate doesn’t have to be a complicated and stressful process if you plan ahead. In fact, by using strategic estate planning tools you can ensure your assets are transferred to your loved ones quickly and without the hassle of the probate process. Contact Churchill, Quinn, Hamilton & Van Donselaar, Ltd. at 847-223-1500 to learn more about avoiding probate and to consult with an experienced estate planning attorney regarding your specific needs. With the right plan in place, you can provide peace of mind for yourself and your loved ones.