When crafting your estate plan, you should not only consider how you wish your assets to be distributed, but also the ideal way to do so to minimize the burden on your estate and beneficiaries. One useful estate planning tool is the payable-on-death account. Its main (and very significant) advantage is that it avoids probate, an often lengthy and expensive legal proceeding to transfer your assets after death. An experienced Kendall County, IL estate planning attorney can advise you on whether a payable-on-death account is right for you.
What Are the Risks of Probate?
Probate is the process of administering your assets after death according to the terms of your will (if you have one) or state law (if you did not leave a will or other estate planning). Leaving the disposition of your assets to probate is not ideal as probate carries several risks.