If you know anything about wills, you have heard about probate. Many tell you that probate can take many months, and there is a possibility that things can go wrong. Probate is where the will can be contested. Not every estate needs to go through probate.
The first exception that allows an estate to stay out of probate is based on the size of the estate. In Illinois, any estates that are valued at under $100,000 can largely avoid probate through simplified procedures. Those who are to inherit an asset will file an affidavit and send it along with a letter to the institution that holds the assets. If the letter contains certain language, the holder of the asset will release it without having to go through probate. This can save you time, but you must understand the simplified probate procedure.
Trusts Can Help Your Family in Many Ways
An estate can avoid probate altogether if someone establishes a trust and moves the property into that trust. Then, the trust is the owner of the asset, and it does not need to pass through probate. The property would then be distributed in accordance with the terms of the trust. This is a way for a family to avoid some of the expense and hassle that come with probate. You can set up many types of trusts, and an estate planning lawyer would help you find the arrangement that fits your needs. Trusts can help take care of your loved ones when you are no longer here, especially those who may have special needs.
Call a Lincolnshire Estate Planning Lawyer
It is always better to discuss your estate situation with an attorney sooner rather than later. The attorneys at Chuck Newland & Associates guide your family through what can be a difficult discussion. Call us today at (847) 797-9300 or fill out an online form to schedule an initial consultation.