Probate Attorney – Bates Law Office – 501 Jackson Avenue – Charleston, IL – Call 217-512-1847
In the state of Illinois, the probate process is basically a court-supervised procedure that is in some cases – but not in every case – required after a person dies. The purpose of probate is to verify who shall inherit the deceased’s property. Also, probate ensures that remaining taxes and debts owed by the deceased’s estate are paid. An executor of the estate handles the probate process. The executor has to:
- Prove to the court that the deceased’s will is valid.
- Identify and perform an accurate inventory the estate’s assets.
- Arrange for an appraisal of the estate’s assets.
- Pay the estate’s remaining taxes and debts.
- Distribute the property according to the will.
Not all estates must go through a probate proceeding. It depends upon what assets were owner by the deceased individual how they held the title to the assets. It doesn’t depend upon the existence of a valid will. Usually, a probate proceeding in court is necessary in the state of Illinois only when:
- There are remaining assets that were solely owned by the deceased person.
- The total value of the assets is $100,000 or more.
Probate is not necessary for assets that are:
- Held in a trust that was established to avoid the probate process.
- Owned in a joint tenancy or in a tenancy by the entirety.
- Are subject to what’s known as a beneficiary designation. For instance, a retirement account with a named beneficiary.
- Real estate that is subject to a transfer-upon-death deed.
When the value of an estate is under $100,000 and does not contain real estate, probate is not necessary. Instead, the beneficiaries of the assets can utilize a simple affidavit to claim their inheritances.
Talk with a probate attorney at Bates Law Office – call 217-512-1847.
