What is Probate?
PROBATE
In my own non-legalese, probate as a term either refers to the process of probating a will or Probate Court.
I am writing this from a layman’s perspective. For a more precise legal definition, there are a few good Illinois-based law firms which have descriptions on their websites. Search the web for “Probate in Illinois” and you will find some good legal resources.
In my own non-legalese, probate as a term either refers to the process of probating a will or Probate Court. Probate Court is a special state court, located in your county, which specifically deals with wills and estates. Probate Court is a way to settle a person’s estate through established state law.
“Probate Court is a way to settle a person’s estate through established state law. “
Probate is good for some people and a hindrance for others. For your specific situation, speak to a wills and estates attorney because each person’s and each family’s situation is different.
Some good reasons to use the probate process are: naming guardians for your children; it can generally settle debts within a shorter timeframe than other processes; and it provides a forum for legal disputes, if any arise.
Some reasons to avoid probate is that it can be long, costly, and confusing for someone unfamiliar with the process. For instance, here are some of the fees which might apply to you if you live in Cook County, Illinois: https://services.cookcountyclerkofcourt.org/forms/Forms/pdf_files/CCCO0618.pdf.
There are other ways to approach estate planning. For instance, if your estate is under $100,000, Illinois has a small estate affidavit. The small estate affidavit is found on the Illinois Secretary of State website: https://www.ilsos.gov/publications/pdf_publications/rtopr31.pdf. In addition, you can set up your accounts to transfer on death; ensure your investment accounts, IRAs, 401ks, and pensions all have updated beneficiaries; you can create a trust; and, in Illinois, you can transfer your house using a Transfer on Death Instrument.
There are options. Estate planning is not one size fits all. You don’t have to do what someone else did. Every person’s and every family’s needs are different.
And before you do anything, sign any documents, please talk to an attorney. If you would like to call us, please do. We can help you find a wills and estates attorney who is right for you.