Heidi Scott has owned and driven operations at Schuyler Brown Land Title in Mt. Sterling, Illinois, since 2008. Also a Certified Public Accountant and attorney, Heidi Scott has assisted clients throughout Illinois in matters ranging from tax law to estate planning.
In the event that an individual passes away without a proper estate plan in place, their estate will enter into a legal process known as probate. In some cases, even if a will has been left behind, probate processes may be utilized as a means of determining the validity of the will and addressing complex, high-value assets.
In Illinois, the deceased individual’s executor is responsible for leading probate processes. During probate, the executor must not only prove the validity of the will but provide an inventory of all assets, have the assets appraised, clear any debts and otherwise outstanding payments, and finally, distribute remaining assets as the will dictates.
In the case of a valid will, probate processes are typically straightforward. However, individuals who die without a will leave their loved ones with a variety of challenges to deal with. Most notably, assets will be distributed according to Illinois state law rather than the deceased person’s desires, regardless of how well known these desires may have been to friends and family.
As mentioned, probate processes are not always a requirement. If all assets are jointly owned and do not exceed a combined value of $100,000, for example, probate can be bypassed. Furthermore, certain assets may be exempt from probate, such as assets held in a living revocable trust or property governed by an Illinois transfer-on-death deed.
Regardless of an individual’s specific situation, it is always advisable to contact a knowledgeable professional and formulate an estate plan to ensure that assets are fairly distributed among family and friends.
You must be logged in to post a comment.