Do you know what Probate actually means? Are you looking to avoid the Probate process alltogether?
Probate is a necessary legal process that a deceased person’s heirs have to go through when an estate is being settled. In some cases, probate can be a tedious and cumbersome process that may increase the stress associated with distributing wealth and assets to heirs.
The more you know, the smoother the process may run, and there are techniques to avoid it entirely.
What Is Probate All About?
During the probate process, the debts and assets of the deceased are set under valuation. It is then determined, depending on whether there is a will or any prior agreement made by the deceased, how their estate and assets will be managed, and who will be the main beneficiary.
In some cases, probate can become quite complicated, especially when there is conflict between family members and other potential beneficiaries which, in some cases, can even lead to trial.
In Illinois, there is a Probate Division of the Circuit Court and it is filled every day with attorneys and individuals who are trying to administer estates. Many of these individuals sure wish they could avoid probate and aviod the court system alltogether.
Necessary Costs and Requirements
Probate poses a number of concerns for potential heirs and beneficiaries:
- The process requires that all financial and material assets of the deceased be collected, submitted to inventory and appraised—a procedure that can be quite costly, and may last for months, depending on the total value of the estate.
- Bills and debts need to be paid, and creditors or debtors will be provided with a chance to sue the estate, and claim a part—or even all—of the assets, before the process can continue.
- Finally, remaining assets will be distributed among beneficiaries. If you can avoid probate, this is really the only required step.
So How Can You Avoid Probate?
To prevent unnecessary stress and expenses, probate can be avoided entirely through proper estate planning. This best way to avoid probate is to establish a revocable living trust. First, you create your trust. Second, you must fully fund your trust. And if you do this, you can avoid probate alltogether.
The tricky part – is if you accidentaly leave one single asset out of the trust. If this happens, your estate may end up in probate court.
So, do you want to help your heirs or beneficiaries avoid the hassle and expenses associated with probate? The above tips are the best and most straightforward methods to consider. However, be sure to get proper legal advice before making any major decision.
Ready to move forward?
Click HERE to contact Garofalo Law Group today and we will be happy to schedule a free consultation with you.