Some people who are meticulous planners otherwise do not take time for estate planning. While contemplating your own death is uncomfortable, you may leave your family facing a mountain of problems after you pass if you do not prepare.
Probate is a term you have probably heard but do not understand. What is probate? How could it affect your beneficiaries? Can you do anything to help them avoid it? The experienced Barrington, IL lawyers at Lucas Law can help you understand probate and decide how to plan for it.
What Is Probate?
When someone dies, they likely have assets and debts. Whether or not the deceased has a will, probate courts use those assets to pay debts and distribute the remaining assets among beneficiaries. If you do have a will, the court should abide by your wishes regarding property division. If not, the court will decide.
The probate process includes notifying the courts of the death, assessing personal and real property values, listing outstanding debts, and presenting a will for verification, if applicable. An open period for creditors to make claims against the estate lasts for six months. Your estate includes all of your assets, even if you do not have many.