Understanding the Laws Surrounding Probate in Illinois

 Posted on June 17, 2021 in Probate

At some point, we will all have someone in our lives that passes away. When you have a close friend or family member pass away, you may be the person responsible for managing their affairs after they are gone. All of the things that they left behind are part of their estate, which must be settled after they pass away. Many people believe that probate is a long and tedious process. While it is true that it can be complicated, the probate process can also be simplified with help from a skilled Illinois probate attorney.

What Is the Probate Process?

When a person dies, someone will be responsible for settling that person’s estate. One of the ways that this can happen is through the probate process. Probate is a legal process that some assets must go through in order to settle a person’s estate. In the simplest terms, probate is the process that the court uses to confirm that a person’s estate is being distributed as intended in their will.

When Is the Probate Process Required?

Not every person’s estate will be put through the probate process. The determination of whether or not an estate will have to go through probate depends on the type of assets that they owned, among other things. For the most part, the probate process is only required if the person had any assets that were held solely by them and no other owners and the total value of all of their probate assets is greater than $100,000.

Only probate assets will be included in the estate. Some assets are exempt from probate, meaning they do not add to the value of the estate. These include:

• Assets owned in joint tenancy or tenancy by the entirety
• Assets held in a trust
• Assets with a beneficiary designation, such as a retirement account
• Real estate that has a transfer-on-death deed

Contact Our Skilled DuPage County Probate Lawyer

If your loved one has recently passed away, the last thing you likely want to be thinking of is what you are going to do with their assets. However, settling their estate is something that must be done. At Stock, Carlson & Duff, LLC, we can help you understand how your loved one’s estate must be dealt with according to Illinois law. To schedule a time to discuss your situation with one of our skilled Wheaton, IL probate attorneys, call our office today at 630-665-2500.

Sources:

https://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2104&ChapterID=60