What Is Probate?
Probate is the process of proving the validity of a will or trust after a person dies. The purpose is to make it clear who inherits the deceased’s assets and to make sure that all taxes and debts have been paid before the assets are distributed according to the will and/or trust.
The executor of the estate must:
- prove in court that the deceased person’s will is valid
- identify and inventory the deceased person’s assets
- have the assets appraised
- pay any outstanding debts and taxes, and
- distribute the remaining property as the will/state law
If you have questions about estate planning to avoid probate once you pass, consult with an experienced Probate Litigation Lawyer. The attorneys at Leon J. Teichner & Associates, P.C. will guide you through the steps to protect your assets. If you are located in the area of Chicago, IL, call (312) 313-0120 for a consultation.
Is Probate Always Necessary?
Going through probate court is not always necessary. Whether an estate must go through probate depends on the assets of the deceased person and how they were titled. Usually probate court proceedings are necessary if there are assets that the deceased was the sole owner of and those assets are worth more than $100,000. An experienced Probate Lawyer will be able to guide you in these matters.
Assets that are not subject to probate are: assets in a trust, assets owned in joint tenancy, assets for which a beneficiary has been named, and real estate that is subject to an Illinois transfer-on-death deed.
If you hope to create your estate to avoid probate court upon your death, you should work closely with a Probate Litigation Law Firm that is experienced in Probate Law. The attorneys at Leon J. Teichner & Associates, P.C. will help you secure your assets and keep as much as possible within your family. If you are located in the area of Chicago, IL, call (312) 313-0120 for a consultation.