Why Avoid Probate?
Probate administration can be time consuming and costly, especially when supervised administration is required. Without proper planning, families can face delays and unexpected challenges. For example, if a loved one passes away without a trust, even if they have a will, their assets are frozen and no one has legal authority to gather or make decisions about any assets until the court grants them the authority to manage the estate. If a house is an asset, no one has legal authority to enter the home without court approval and a letter of office. This can lead to stress and financial strain, especially if there are immediate expenses that need to be paid from the proceeds from the sale of the home or other assets, or a buyer ready to purchase a property.
If a house is an asset of a probate estate, no one has legal authority to enter the home without court approval. If the real estate is going to be sold, and even if you have a buyer ready to purchase, no one has legal authority to sell the real estate without an independent executor or administrator being appointed, which can take time. This can lead to stress or financial strain especially if there are immediate expenses that need to be paid from the proceeds of the sale of a home. With a trust, the trustee has immediate authority over all trust assets and if real estate is owned by the trust, the trustee has authority to sell the real estate immediately.
In Illinois, probate rules can be particularly complex. If an asset is solely owned by the deceased, without joint ownership or a beneficiary designation, it may be divided evenly between the surviving spouse and children, often leading to unexpected and challenging situations. A surviving spouse may find themselves only half owner of the marital residence. Proper estate planning can help avoid these complications, ensuring your wishes are honored and your loved ones are spared unnecessary stress.
