What is Probate?

PROBATE

In my own non-legalese, probate as a term either refers to the process of probating a will or Probate Court. 

Please note: I am writing this post from a layman’s perspective. For a more precise legal definition, consult a few reputable Illinois-based law firms that include descriptions on their websites.  Search “Probate in Illinois” online for some good legal resources.

In my own non-legalese, probate as a term either refers to the process of probating a will or Probate Court. Probate Court is a special state court located in your county that specifically handles wills and estates. Probate court is a way to settle a person’s estate through established state law.

“Probate Court is a way to settle a person’s estate through established state law. “

Probate is good for some people and a hindrance for others.  For your specific situation, speak to a wills and estates attorney because each person’s and each family’s situation is different.

Some good reasons to use the probate process include naming guardians for your children, settling debts generally within a shorter timeframe than other processes, and providing a forum for legal disputes, if any arise.

A reason to avoid probate is that it can be long, costly, and confusing for someone unfamiliar with the process.  For instance, here is a list of the County Division fees that might apply to you if you live in Cook County, Illinois.

There are other ways to approach estate planning.  For instance, if your estate is valued at under $100,000, Illinois offers a Small Estate Affidavit.  The Small Estate Affidavit form is available here on the Illinois Secretary of State website.  In addition, you can set up your accounts to transfer on death; ensure your investment accounts, IRAs, 401ks, and pensions all have updated beneficiaries; create a trust; and, in Illinois, transfer your house using a Transfer on Death Instrument.

There are options.  Estate planning is not one-size-fits-all.  You don’t have to do what someone else did.  Every person’s and every family’s needs are different.

Before you do anything or sign any documents, please consult an attorney.  If you would like to call us, please do.  We can help you find a wills and estates attorney who is right for you.