What Is Probate? What Actually Occurs During Probate?
What occurs during probate is you gather all of the assets and put them in the name of the executor of the estate. The executor then publishes for claims. Creditors would also pursue claims that the decedent had. If people owed him money, they might go after those people. If the executor learns that someone, during the decedent’s lifetime, wrongfully took some assets from the decedent, then they might file a citation to recover those assets. There would be a legal proceeding within the probate, much like a lawsuit.
The executor would be both collecting assets and paying creditors, and then filing tax returns to file the income tax rate for last income tax return, the estate tax returns, and selling any assets that should be sold. There may be some work to do with regard to retirement assets and getting those assets transferred or distributed to the beneficiaries. If the estate is open for at least a year, you must file an account to show everything you’ve done during that year, financially. That has to be done by the executor with the help of his or her attorney.
If the surviving spouse is unhappy with the share of the estate that they’re receiving under the will, they could renounce the will and receive what they would have received, had the decedent died without a will. That would usually be 50 percent of the estate. There can also be issues regarding joint tenancy property that the executor would be handling. Sometimes, homes are held in joint tenancy or bank accounts are held in joint tenancy. Sometimes, those joint tenancy accounts were not intended to be legally a joint tenancy and were only intended to be for convenience. There may be people contesting that form of ownership and saying it was really only for convenience. There would also be the transferring of titles to property to the beneficiaries of the estate in accordance with the will.
What Factors Set The Stage For Probate To Occur?
If there are assets in excess of one hundred thousand dollars and the decedent has a will, that’s when probate will occur. Even if the decedent doesn’t have a will, there’s a probate when he or she dies intestate without a will.
What Are The Options Available For Avoiding Probate?
Putting all of your assets into a living trust will avoid probate. Even if you have a will, if you have all of your assets in a living trust, then there would not be the necessity of a probate.
Can Someone Realistically Handle the Probate Process Without An Attorney?
People think probate is simple but it’s not. It’s very complex. It’s not recommended for a person to handle the process without an attorney because every human being is different and very estate is different. I have handled many estate plans and every one of them has its own nuances. You can’t just take a template and apply it. It will not fulfill your needs.
For more information on Probate Process in the State Of Illinois, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (312) 815-7778 today.
Call Now for a Personalized Case Evaluation