Settling an estate is complicated when the deceased individual does not have a will or there are many assets that must be divided between the beneficiaries. Probate is the way an estate is settled under the supervision of the court. A surviving spouse or adult child is usually appointed by the court or appointed by the will.
The individual who is appointed to settle the will is called an executor or Personal Representative. Once this person is appointed, they have the legal authority to value and gather assets that are owned by the estate, pay the deceased individual is bills, taxes, and to distribute to the assets to the heirs. Understanding how to legally settle an estate requires the help of a Probate Lawyer in Chicago.
Does Everything Have To Go Through Probate?
There are assets that will not have to pass through the probate system. If an estate falls below a certain threshold, it will be considered a small estate and will not require court intervention. Joint tenancy assets do not have to be put through probate. Tenancy by the entirety or community property with right of survivorship is also exempt from probate.
If there is a beneficiary on a bank or brokerage account, or a life insurance policy, the beneficiary does not have to include this money as part of the probate court. The individual might be responsible for paying income tax on the money they have inherited and should speak to a Probate Lawyer in Chicago as soon as possible to discuss the circumstances.
Living Trust
Another way assets can avoid probate court is when there has been a living trust established to hold the largest assets. If the assets are too large, they might be put through probate if they extend beyond the small estate limit. This is another option for individuals who want to be creative in their estate planning.
There is no reason the word probate or court has to be a frightening experience. An individual is encouraged to contact Starr Bejgiert Zink & Rowells because of their outstanding legal experience and knowledge. Give them a call today and discuss your legal case with a trained and experienced attorney. Like us on Facebook.
