Avoiding Probate in Estate Planning in Illinois
If you want to ensure your family can access your assets as soon as possible upon your passing, you have to take steps that can prevent probate. Otherwise, your family will have to go through long and costly court proceedings with no guarantee those assets will come to them in their entirety.
Here are some options you can consider in Illinois if you want to protect your loved ones from that hassle.
Opt for Living Trusts
In Illinois, you can get make a living trust to avoid probate for your assets. These can include cars, property, bank accounts, etc. To do this, you will need to draft a trust document and name a successor trustee who will take over after you die. Once that is done, you need to transfer property ownership to yourself as the trustee of the trust.
Once this procedure has been finalized, the property you own will be subject to the terms that are mentioned in the trust. This means the successor trustee you appointed can ensure the property is transferred to all beneficiaries without the need for probate.
Consider Transfer-on-Death Accounts
This account is another way you can avoid probate without the need for a will. A transfer-on-death or payable-on-death account can allow you to convert your bank and retirement accounts into payable-on-death accounts.
Just like you need to do for the living trust, you must fill out a form that states the beneficiaries, the assets, money, and other estate that must transfer immediately on your demise. You can also transfer vehicles as well as stocks and bonds with this account. This is known as a transfer-on-death deed and it will prevent your assets from going into probate upon your death.
Avoiding probate is in your family’s best interests as the proceedings can cost them 5 to 10 percent of the total value of your estate just in attorney fee costs. Plus, they will not have access to those assets during the probate case, which can stretch to more than a year. The stress and uncertainty alone can cause rifts among your loved ones – and you will not be there to mend the problems.
A proper estate plan will prevent this from happening. If you are looking for an attorney who can help you draw up a trust or transfer-on-death account, get in touch with us at Dan Walker Law Office in Hinsdale, Illinois, today. We have extensive experience handling hundreds of such cases and will ensure your estate remains safe from probate.