Probate is best avoided if at all possible. The taxes and court costs that come with putting an estate through probate can significantly diminish the estate’s assets, leaving the beneficiaries with much less than the decedent intended. Even when there is a will controlling who should receive what, there is a substantial risk that probate fees will force beneficiaries to sell property – including real estate – that they should have been able to keep in order to cover estate taxes. One way to keep your real estate properties out of probate is to use a bond in lieu of probate. If you plan to use this legal strategy, it is best to prepare for using a bond in lieu of probate when you close on the property. A Yorkville, IL real estate transactions and estate planning lawyer can help you prepare.
