12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

How to Secure Your Assets and Avoid Probate in Beecher, IL

How to Secure Your Assets and Avoid Probate in Beecher, IL


Put not your trust in money, but put your money in trust.
 
- Oliver Wendell Holmes


Probate can tie up property for months, sometimes more than a year. And, it can be expensive - attorney and court fees can eat up to 5% of an estate's value. Most of what happens during probate is essentially clerical - legal research, drafting and clerical processes.

Probate involves inventorying and appraising the property, paying debts and taxes, and distributing the remainder of the property according to the will. The probate attorney fills in forms and keeps track of filing deadlines and other procedural technicalities.
All of this expense and delay can be avoided with estate planning.

A Living Trust is just one of the many ways to avoid this court proceeding after your death and spare the surviving family the hassle and possible conflict when it comes to their inheritance. In addition to a living trust, you can choose other methods that are probate free. The best estate planning approach for you and your family depends upon your unique condition.

Estate Planning to Avoid Probate

Revocable Living Trust

A revocable living trust is a document similar to a will. It specifies your assets and who you want to inherit various assets. It is a probate free way of ensuring that there will be clarity and minimal strife amongst your heirs. Essentially, you place your assets into a trust. After you pass away, your surviving family members can transfer your property quickly and easily, without probate. More of the property you leave goes to the people you want to inherit it.

Bank Accounts that are Payable-on-Death (POD)

Bank and retirement accounts can be converted to payable-on-death (POD) accounts. This can be done by filling out a simple form naming your beneficiaries. No more probate proceedings, the money will go directly to your POD beneficiaries with your bank or financial services provider. The same can be done for securities and vehicle registrations and in some states, real estate, as well. Upon you death, all these assets automatically transfer to your POD beneficiary without going through probate.

You can avoid probate by owning property as follows:

1. Joint tenancy with right of survivorship. A surviving owner of a joint tenancy automatically inherits the property of the one who passes away without undergoing probate.

2. Tenancy by the entirety. This is similar to joint tenancy but can only be applied to married couples or registered same sex partners. It is also probate-free.

3. Community property with right to survivorship. Refers to properties located in different states that is co-owned by married couples. If one partner dies, the surviving part automatically owns the assets.

Gifts

Probate can also be avoided by giving away your property while you are still alive. If you no longer own the asset when you die, it won't go through probate. Most gifts are also not subject to federal gift tax.
 
Personalize & Print a Free IL Last Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free IL Living Trust Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Related Legal Services near Beecher, IL
Davis Keith
103 N Main St
Bloomington, IL 61701
(309) 821-9966
General Practice Attorneys, Attorneys
Axia Law
200 N La Salle St Suite 2675
Chicago, IL 60601
(312) 546-9951
Personal Injury Law Attorneys, Employee Benefits & Worker Compensation Attorneys
Kopka Pinkus Dolin & Eads
200 N La Salle St
Chicago, IL 60601
(312) 782-9920
Attorneys,  Personal Injury Law Attorneys,  Insurance Attorneys,  Product Liability Law Attorneys
Mark Ingersoll
201 W Green St Ste C
Urbana, IL 61801
(217) 344-9906
Estate Planning Attorneys,  Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Real Estate Att
Reilley James W
221 N La Salle St
Chicago, IL 60601
(312) 228-9870
General Practice Attorneys, Attorneys, Legal Service Plans
Frantz Keith
401 W State St # 200
Rockford, IL 61101
(815) 987-9820
Attorneys, Legal Service Plans
Ryan Gregory L
123 W Main St # 210
Urbana, IL 61801
(217) 367-9801
General Practice Attorneys, Attorneys, Legal Service Plans
Dunham Darrell
308 W Walnut St
Carbondale, IL 62901
(618) 549-9800
Attorneys, Legal Service Plans, Bankruptcy Law Attorneys
Christine Tennon
200 N La Salle St Ste 2650
Chicago, IL 60601
(312) 558-9800
Attorneys, General Practice Attorneys
Mallon Clifford P
200 N La Salle St # 2650
Chicago, IL 60601
(312) 558-9800
General Practice Attorneys, Attorneys
A Bankruptcy Attorney
213 E Court St
Kankakee, IL 60901
(815) 933-9800
Attorneys, Legal Service Plans
Prairie Legal Group Ltd
213 E Court St
Kankakee, IL 60901
(815) 933-9800
Bankruptcy Law Attorneys, Legal Service Plans, Attorneys
Harris Brendan P
231 S 6th St # 1
Springfield, IL 62701
(217) 789-9794
General Practice Attorneys, Attorneys, Legal Service Plans
Sawyier & Williams, LLP
205 N Michigan Ave # 2600
Chicago, IL 60601
(312) 856-9741
Attorneys, Elder Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Estate Planning Attorneys
Phillip Kirby
415 S 7th St
Springfield, IL 62701
(217) 717-9712
Attorneys, Family Law Attorneys
James P. Ginzkey, Trial Attorney
221 E Washington St
Bloomington, IL 61701
(309) 821-9707
Personal Injury Law Attorneys, Attorneys, Insurance Attorneys, Product Liability Law Attorneys, Acci
Affordable Bankruptcy Chicago
35 E Wacker Dr
Chicago, IL 60601
(312) 725-9681
Accident & Property Damage Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys,  Attorneys,  
Rodriguez Osvaldo
1010 Lake St Ste 605
Oak Park, IL 60301
(708) 445-9674
Labor & Employment Law Attorneys, Attorneys, Legal Service Plans
Eubank Jr Frank J
126 N Church St
Rockford, IL 61101
(815) 961-9668
Wills, Trusts & Estate Planning Attorneys, Attorneys, Family Law Attorneys, Real Estate Attorneys, L
Pfaff & Gill Ltd
1 E Wacker Dr Ste 3310
Chicago, IL 60601
(312) 828-9666
Personal Injury Law Attorneys,  Attorneys,  Legal Service Plans,  Wrongful Death Attorneys,  Insuran
Mayster Larry S
221 N La Salle St # 2150
Chicago, IL 60601
(312) 444-9648
General Practice Attorneys, Attorneys, Legal Service Plans
The Deratany Law Firm
221 N La Salle St
Chicago, IL 60601
(312) 273-9617
Attorneys, General Practice Attorneys, Legal Service Plans
Butzow Robert H
150 N Michigan Ave # 1100
Chicago, IL 60601
(312) 372-9600
General Practice Attorneys, Attorneys
Attorney Dennis Leahy
1 Court Pl # 203
Rockford, IL 61101
(815) 964-9600
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US