Losing a loved one is difficult, and handling legal matters afterward can feel overwhelming. Probate is the court-supervised process of settling a person’s estate, but it isn’t always required. Woods & Bates, P.C., helps families understand how probate works and recent legal updates that may affect them.
When is Probate Required?
Probate is generally required when an estate includes assets over $100,000 that were owned solely by the deceased. Real estate that was not jointly owned or covered by a transfer-on-death instrument may also need to go through probate. However, some assets may bypass the process, including those placed in a trust, jointly owned property, or accounts with named beneficiaries. For estates valued under $100,000 with no real estate, a small estate affidavit may be an option.
What to Expect in the Probate Process
The probate process follows several steps:
- Filing the will and petition – The process begins when the will is submitted to the court. If no will exists, an administrator is appointed.
- Appointing an executor or administrator – This individual is responsible for managing the estate.
- Notifying heirs, beneficiaries, and creditors – All relevant parties must be informed.
- Inventorying assets – A complete list of the deceased’s belongings is compiled and reviewed.
- Paying debts and taxes – Any outstanding obligations must be resolved before distributions can be made.
- Distributing the remaining assets – Once debts are cleared, the remaining assets are transferred to beneficiaries.
Updates to Illinois Probate Laws
Recent changes to Illinois probate law may impact how estates are handled.
Ongoing changes and updates in the law may affect probate proceedings, making it even more important to stay informed. Our attorneys at Woods & Bates, P.C. stay abreast of these types of changes to make sure that you are able to make informed decisions when probating an estate.
Get Help with Probate
Probate can be complex, and recent legal updates add new considerations. Woods & Bates, P.C. provides guidance on probate matters, with virtual services available. Call 217-735-1234 to schedule your consultation.