Probate is the legal process that determines who gets what after a person’s death. When someone close to you passes away, you want to know that their wishes are respected and protected and that your loved one’s intent is carried out. Due to a number of circumstances, however, these desires can become difficult to deal with as family members try to navigate their way through the courts.
Resolving issues among and between beneficiaries and heirs, addressing will contests– the issues of a lack of a will or an invalid one, letters of office, administration bonds, or the complications of Illinois probate law, make it hard to maneuver through the system.
If the deceased has a will, the process begins when the executor nominated by the decedent in the will, presents the will for probate in a courthouse in the county where the decedent lived or owned property. If there is no will, someone must ask the court to appoint an administrator of the estate, usually the spouse or an adult child of the decedent.
The purpose of probate is to prevent fraud after someone’s death. Probate is also a public notice of death and lets creditors file claims against an estate. After any creditors are paid, the remainder of the estate goes to the beneficiaries.
If there is not a will, the court will decide how to distribute the property. This is why it is so important to have a will.
Laws will vary by state and not all assets or estates need to go through probate. Some assets can transfer automatically at the death of an owner with no probate required.
If you decide to avoid probate, some assets can automatically escape probate and be paid directly to the beneficiary you have named. These include insurance policies, IRAs, retirement plans and some bank accounts.
One reason to avoid probate is because it is a long process that can take six months to a year or more to settle with the state.
The best solution is to speak with a trusted attorney who can help you craft a solution for your personal situation.
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