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 Reddick, IL

How to Secure Your Assets and Avoid Probate in Reddick, 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 Reddick, IL
Melissa Smejkal
333 N Jefferson St Apt 204
Chicago, IL 60661
(708) 788-9910
General Practice Attorneys, Attorneys, Legal Service Plans
Cochrane and Mueller Law Offices
20000 Governors Hwy
Olympia Fields, IL 60461
(708) 481-9530
General Practice Attorneys, Attorneys, Legal Service Plans
Borden Law Firm PC
118 N Clinton St Ste 100-11
Chicago, IL 60661
(312) 234-9434
General Practice Attorneys, Attorneys
Steve Ackerman Law Office
566 W Adams St # 600
Chicago, IL 60661
(312) 454-9300
General Practice Attorneys, Attorneys, Legal Service Plans
Kopec And Kent P.c.
118 S Clinton St Suite 200
Chicago, IL 60661
(773) 819-9117
Attorneys, Criminal Law Attorneys
Spivack Aaron
566 W Lake St # 100
Chicago, IL 60661
(312) 775-9060
General Practice Attorneys, Attorneys
Daly Colleen R
206 S Jefferson St # 100
Chicago, IL 60661
(312) 648-9000
General Practice Attorneys, Attorneys, Legal Service Plans
Stanley L Hill & Assoc
651 W Washington Blvd Ste 205
Chicago, IL 60661
(312) 917-8888
Attorneys, Arbitration Services
Scott B Shapiro
218 N Jefferson St Ste 400
Chicago, IL 60661
(312) 648-8800
Attorneys, Corporation & Partnership Law Attorneys, General Practice Attorneys, Employee Benefits &
VC Injury Law
555 W Jackson Blvd Ste 700
Chicago, IL 60661
(312) 559-8339
Personal Injury Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Legal Service Pla
Essig Dean R
313 N Main St
Roanoke, IL 61561
(309) 923-8281
Accident & Property Damage Attorneys, Attorneys, Family Law Attorneys
Folk Law
302 Washington St
Oregon, IL 61061
(815) 881-8024
Attorneys, Family Law Attorneys, Juvenile Law Attorneys, Traffic Law Attorneys
Faier James M
566 W Adams St # 600
Chicago, IL 60661
(312) 382-7700
Attorneys, Patent, Trademark & Copyright Law Attorneys
Herbert Daniel Q
206 S Jefferson St
Chicago, IL 60661
(312) 655-7660
General Practice Attorneys, Attorneys
Banzuly Golden LLP
555 W Jackson Blvd # 700
Chicago, IL 60661
(312) 577-7055
Attorneys
Adams Defense Law
503 W Jackson Blvd Ste 1651
Chicago, IL 60661
(312) 945-7022
Criminal Law Attorneys, Attorneys
Senak Smith & Michaud
550 W Jackson Blvd Ste 1400
Chicago, IL 60661
(312) 207-6957
General Practice Attorneys
Enstrom George E
304 Washington St
Oregon, IL 61061
(815) 732-6838
Attorneys, Legal Service Plans
Glimco Joseph
8340 Lemont Rd
Darien, IL 60561
(630) 910-6400
General Practice Attorneys, Attorneys
Fearer Nye & Chadwick
209 S 5th St
Oregon, IL 61061
(815) 732-6113
Estate Planning Attorneys,  Attorneys,  Malpractice Law Attorneys,  Accident & Property Damage Attor
Ev Law Group
218 N Jefferson St Suite 300
Chicago, IL 60661
(312) 474-6055
Bankruptcy Law Attorneys,  Attorneys,  Business Law Attorneys,  Bankruptcy Services,  Legal Service
Koclan Patrick W Atty
500 W Madison St
Chicago, IL 60661
(312) 715-5794
Attorneys
Pace Sarah E Atty
500 W Madison St
Chicago, IL 60661
(312) 715-5778
Attorneys
Wright Joseph
500 W Madison St
Chicago, IL 60661
(312) 715-5761
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US