There are many ways in which a person can protect their assets in order that they may be used to the benefit of their surviving spouse or parents.
The method that will best suit each situation will vary depending on the assets that are in concern.
The best way to determine what the best route in your situation may be is to speak with an Estate Planning Attorney. They will be able to use their years of experience and knowledge of the law and various options available to direct you toward the best form of security for your estate.
What Happens In The Administration Of An Estate When Someone Dies Who Did Have The Proper Estate Planning Documents In Place?
When someone who has proper estate planning documents passes away, the administration of their estate tends to go pretty quickly.
It is important to note that, even in cases wherein a person has adequate estate planning documents, it is still frequently necessary to go through court proceedings of some kind.
Throughout this process, pleadings will be filed. Typically, the individual that created the Estate Plan has selected executors who will administer the estate as dictated by the documents in the Estate Plan.
In these situations, it is rare to run into any issues. This is directly a result of the proactive decision-making made by the person who created the Estate Plan. This due diligence cannot totally eliminate any hardship or complication, but when there has been the due diligence of preparing an estate plan, the execution of that plan will be much easier for the family members and executors.
What Happens To Our Assets When We Die If We Have No Will Or Other Estate Planning Documents In Illinois?
In Illinois, if you have assets remaining in your name at the time of your death and have not created a will, those assets will typically be distributed to your next-of-kin.
Consider, for example, a person who has living parents, three children, and no spouse passes away before putting a will in place. In this case, their assets would be distributed specifically to their three children in equal shares.
This situation, and all other situations in which a person passes away before creating a will, would be handled pursuant to Illinois statutes.
What Is Probate And How Can It Be Avoided In Illinois?
Probate is the process by which a deceased person’s assets are distributed.
Many people are curious about how they may avoid probate, as it can be costly in many situations. If you are curious about what options are available to avoid probate, the following documents should be considered.
A Trust, for example, allows assets to be distributed outside of probate.
Another document that may be used is the Transfer on Death instrument. This document allows you to transfer your real estate to a beneficiary outside of probate.
The available options for avoiding probate are mainly documents that must be executed prior to death. However, an alternative option may be accounts that allow you to list beneficiary designations.
Listing a beneficiary on an account before you pass will allow a specific process to take place in which the account can be transferred to the beneficiary without the need for court proceedings.
There are a number of avenues that can be taken to keep your loved ones out of probate. Having these conversations with your estate planning attorney as soon as possible is the best way to ascertain your options.
What Do I Need To Do If An Estate Does End Up Going Through The Probate Process In DuPage County?
If an estate goes through probate in DuPage County, or in any county in Illinois, you will need to retain an attorney. An attorney is automatically required for any probate matter in Illinois.
Because of this requirement, your first step when facing probate is to find an experienced attorney who can assist you as soon as possible.