After a death in the family, it’s necessary to settle the affairs of the deceased person. This can be fairly simple if the estate was small or everything had already been well-planned. Other times, probate can be a lengthy and complicated process requiring the assistance of a probate lawyer in Chicago.
What is Probate?
Probate refers to the legal process which transfers the property of a deceased person to the heirs. The property is retitled from the name of the decedent to the name of the person inheriting that property. To begin probate, a petition is filed with the Clerk of Court requesting a hearing before a judge. In Illinois, estates exceeding $100,000 normally go through probate.
How Long Does Probate Take?
It takes at least six months of an estate to complete probate because that is the amount of time the law allows creditors to file a claim against the estate. Probate can take considerably longer if the estate is contested or very complicated.
When an estate has many heirs and legatees whose interests conflict, settlement can become complex. Every step in the process can take longer because of the extra time needed to handle all of the required estate notices and communicate with all involved. It can be possible for one disgruntled heir to lengthen and complicate settling the estate. Family relationships can be permanently fractured by an acrimonious battle over the assets. Avoiding this possibility is one of the many advantages of estate planning.
Is Probate Always Required?
No. Estate planning can permit a simple transfer of property. Assets such as a home or bank account are often held in joint tenancy with rights of survivorship, allowing a simple transfer into the name of the survivor. Property placed in a valid trust automatically passes to any surviving beneficiaries. Probate is avoided because it is not necessary to retitle these assets.
Probate is required when assets were held only in the name of the decedent or when the estate has more than $100,000 in assets without a named beneficiary. In this case, assets will be passed on to the heirs according to Illinois law.
When you need an experienced probate lawyer in Chicago, the knowledgeable attorneys at Starr Bejgiert Zink & Rowells have more than 80 years of combined experience. They can provide the effective legal representation that you need during this difficult time. Contact them to discuss your options.
