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Lombard IL estate planning lawyerWith just one glance at the hundreds of statutory provisions in the Illinois Probate Act, you can tell that the estate administration process can be overwhelming and complex. Unfortunately, it is usually necessary for most estates to go through probate. The timeline varies widely based upon the circumstances of the case, but the proceedings can take several months to more than a year. It can be disheartening to think about the time and cost involved, and you may be wondering if there is anything you can do to avoid the probate process. The good news is that there are multiple strategies for sidestepping a drawn-out court case, and one or more of them are often suitable to achieve many of your estate planning goals.

1. Joint Ownership of Certain Assets

For any real estate you currently own jointly, as well as property you purchase with someone in the future, you can title it as “joint tenants with right of survivorship” to avoid the probate process. It is also possible for joint tenants to have survivorship interests on a vehicle registered in Illinois. When this language appears on the deed or Certificate of Title, your interest in the asset passes to the other joint owners by operation of law when you die–not through the probate process.

2. Beneficiary Designations

Another way to pass on assets outside of probate is through beneficiary designations, which will also lead to an automatic transfer of ownership upon your death. Typically, you would include a beneficiary for a life insurance policy, as well as some bank and investment accounts. You can also name a beneficiary on an Illinois vehicle Certificate of Title.

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Wheaton family law attorney estate planning

Many of our clients would like the benefits of using a trust but want to retain control over their property while living. For them, a pour-over will might be exactly what they need to accomplish their estate planning goals.

This type of will transfers all remaining assets to a living trust when the testator, or creator of the will, dies. In other words, the will does not identify who will be the beneficiary of each asset. Instead, that information is contained in the trust, and assets are “poured” into the trust when the testator passes away. The successor trustee collects property and then distributes it according to the trust document.

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