How Can I Help My Beneficiaries Avoid Probate in Illinois?

 Posted on October 15, 2024 in Estate Planning

Some people who are meticulous planners otherwise do not take time for estate planning. While contemplating your own death is uncomfortable, you may leave your family facing a mountain of problems after you pass if you do not prepare.

Probate is a term you have probably heard but do not understand. What is probate? How could it affect your beneficiaries? Can you do anything to help them avoid it? The experienced Barrington, IL lawyers at Lucas Law can help you understand probate and decide how to plan for it.

What Is Probate?

When someone dies, they likely have assets and debts. Whether or not the deceased has a will, probate courts use those assets to pay debts and distribute the remaining assets among beneficiaries. If you do have a will, the court should abide by your wishes regarding property division. If not, the court will decide.

The probate process includes notifying the courts of the death, assessing personal and real property values, listing outstanding debts, and presenting a will for verification, if applicable. An open period for creditors to make claims against the estate lasts for six months. Your estate includes all of your assets, even if you do not have many.

If your assets total over $100,000, your will may need to be probated. Estates valuing less may be handled with a small estate affidavit.

How Could Probate Affect Your Survivors?

Your beneficiaries may face multiple issues, such as:

• Before any debts are paid, they will need to pay probate court costs and fees, which usually total between 4 and 10 percent of their assets.
• Probate details are available to the public.
• The probate process takes at least six months and is usually much longer, meaning your beneficiaries must wait to receive any inheritance.
• Many survivors do not understand the probate process, which causes significant frustration.

There are a few things you can do to help your survivors avoid probate. To ensure that you do them properly, it is best to work with a knowledgeable estate planning attorney from Lucas Law. We can also serve as administrators of your estate so your loved ones do not have to.

How Can Your Beneficiaries Avoid Probate?

To protect your assets and save your family from probate, you can:

• Introduce joint ownership of real estate or other real property
• Create a revocable living trust
• Make annual gifts below the maximum amount, thereby reducing the value of your estate
• Designate financial accounts as transferable or payable on death

There are many considerations with estate planning, and most people are unaware of the ramifications. Let Lucas Law help you make the right decisions for you and your family.

Call Our Dedicated Barrington, IL Probate Lawyers Today

Do not wait until it is too late to plan your estate, especially if you have significant assets or minor children. With decades of experience, Lucas Law stands ready to help. Call 847-381-8700 to schedule your consultation with our skilled Barrington, IL estate planning attorneys.