When is the Probate Process Needed?
Date: 03/25/22
Author: Attorney Andrew Mertzenich
What is Probate?
The probate process in Illinois is a court-supervised legal procedure that occurs after someone passes away. Furthermore, the main purpose of the probate process is to assure that a deceased individuals wished are upheld. The individual in charge of a deceased person’s probate case (known as the “Estate”) is the executor who was chosen prior to the persons death. The executor is in charge of things like proving a wills validity and making sure its wishes are followed. In addition, an executor will gather assets and have those assets properly assessed and valued. Finally, the taxes and debts that were left over by the deceased individual will be handled by the executor they chose prior to dying.
What is Required for Probate to Occur?
To determine if you will need to go through the probate process or not, there are a couple things to consider. In order for the probate process to go forward a deceased persons assets must have been solely owned by them. In addition, if a deceased individuals total dollar value of assets surpasses $100,000, probate is needed. Finally, if the deceased person individually owned real estate (no matter what the value), the State of Illinois generally requires the opening of a probate estate.
Assets not Requiring Probate
- Assets held in a trust.
- Assets owned in a joint tenancy or tenancy by the entirety.
- Assets subject to a beneficiary designation.
- Real estate subject to an Illinois transfer-on-death deed.
How Long Does Probate Take?
In short, the probate process on average takes more than a year. Specific timeframes are hard to pinpoint, as everyone’s situation is unique to itself. Above all, the probate process must allow for creditors to be notified and allow them to react. In the event a creditor wishes to take out a claim against the estate at hand, they will have 6 months to do so. Furthermore, the probate process must allow time for taxes to be paid and give time for any disputes that may occur.
Probate Attorney Help
Prime Law Group, LLC is here to help. In the event you find yourself needing advice regarding a probate case, Prime Law Group has the knowledge and tools to guide you successfully.
