In this article, our Naperville trust attorneys discuss using a
trust to ensure that your estate avoids probate when you pass.
Probate can be
avoided by executing a revocable living trust and transferring your real estate
and savings accounts into it during your lifetime. Other steps to avoid probate
- Deed any real estate owned by the client into the trust
- Transfer any savings accounts that are not qualified retirement
accounts into the trust
- Ensure that proper beneficiaries and successor beneficiaries are
named on qualified retirement accounts and life insurance policies
In Illinois, if you own $100,000 of non-real estate assets and
real estate outside of a trust, probate is mandatory. Probate court can end up
costing you 5% to 10% of the estate in attorneys fees and court costs. Not only
is it costly, but it is time-consuming. Probate cases can take up to a year or
more to complete before distributing your inheritance.
Using a revocable living trust will allow easy passage of assets
to your loved ones when you pass. This document is made to avoid the stressful,
lengthy, and costly process of probate.