Oak Lawn Estate Planning | Wills Must Be Probated

 This is a news flash to most people, "A Will must be Probated!" Most people think that if they simply have a Will, they will not need their estate probated. This is a common misconception with the general public. Although many people do not have their will probated, without an official closing of their estate by the court, there estate remains in an open state. Additionally, without probate the assets of the Estate, even if distributed, are always available to creditors. A probate attorney will have to take a number of steps to get an estate ready for probate. This ranges from getting the names and addresses of all family members within a certain range from the decedent. Additionally, the probate attorney will have to gather the addresses of all creditors of the estate. He will then take that information along with some other forms to court, along with the Will, so that the judge can determine if an estate should be opened and the Will admitted. This probate of a Will process has some advantages, but it also is an expensive task.

Now that you know that Wills must be probated, what should you do next? You should contact an Estate Planning Attorney to advise you on the best plan for you. You may be better served with a trust to dispose of your assets. Generally, a trust is cheaper over all than the cost to have a will drafted and then probated. You can find out more in my article, "What Does a Will Cost?"  To speak to a knowledgeable attorney for free about your plan, call;

Law Office of Jonathan W. Cole
5013 W. 95th St.
Oak Lawn, IL 60453
708-529-7794

Oak Lawn Estate Planning | Special Circumstances to Probate a Civil Union

With the passing of the Illinois Civil Union Act, partners may not take advantage of their new found status under the probate act. This advantage comes to play in a number of scenarios. The first of which is if there is children involved. Under the new law, partners under the Civil Union Act have the same rights as spouses under the law. This means that if two incomes were needed to maintain the family, and one partner meets a premature death, the other spouse will have the proper assets to care for their child. The reason for this is that spouses, and not partners, have the privileged of being designated in the primary prefrence category for receipt of assets. A partner would be ensured a primary preference category for up to 9 months and an award of no less than $20,000.00. Partners will also have preference category for being designated as the administrator of the estate. This is wildly different than the previous designation for same sex partners.

The key for couples who have taken advantage of the Civil Union Act is to consult an attorney about the status of their estate planning because there is only a limited number of states that recognize this law. A knowledgeable attorney should be consulted before any move is contemplated. If you would like to find out more about probate or estate planning under the civil union law, call;

Law Office of Jonathan W. Cole
5013 W. 95th St.
Oak Lawn, IL 60453
708-529-7794
www.jwcolelaw.com

Chicago Estate Planning Attorney | What is Probate?

You have heard much about it. Probate. It is such a foreign word. You know the kind. The word you here everyone say, but know one seems to know exactly what it is. Probate. What the heck is Probate? You may have heard people on TV say that you need to avoid probate at all costs. Is probate like a trip to the dentist? What about this word could be so bad that it needs to be avoided at all costs. This post will give you the in's and out's of probate. When you are done, you will be one of the few who is no longer muttering this word like it is the evil bogey man of your nightmares. A "Chubacabra" of sorts.

History: The word probate comes from the Latin word "Probatus" meaning proven. But what is proven? In the case of Estate Planning, and more specifically Wills, the Will is Proven. To Prove a Will.  

Now that leaves the next question, What if their is no Will? If there is no Will, the individual is is considered to die intestate. Intestate means simply without a Will. I will leave the whole intestate discussion to another post, but it is important for you to understand that there are two ways for you to find your estate in probate. 

So back to, - Proving What? We have to prove one of two things. If their is a Will, we must prove the Wills Authenticity, Contents, and the Capacity of the Will Maker (Testator). If their is no Will, you die intestate, we must prove and certify the lineage of the deceased both north and south. North meaning those lineal descendants who came before you. Such as your parents and your grandparents and so on and so forth. The descendants who are south are your children and grandchildren and....on and on and on. This includes lateral descendants such as your brothers children as well. 

How Do We Prove It?  I am so glad you asked. 

 
  The method of Proving the Will is simpler than the the intestate method. In order to prove a Will, a court will be the judge of the validity of the will. A Will will be submitted to probate and an opportunity for for people to contest a Will will be set. This time will also allow creditors an opportunity to submit their claims against the decedents estate.  If their are no challenges to the Will, a simple "certification" by the executor of the estate claiming that the Will is valid and accurate will usually suffice. If their is a Will contest, the drama really starts. I will leave that explanation to another post, but rest assured it is a messy and dirty ordeal.

   If you die intestate, the proof is in showing all potential beneficiaries under your states intestate statute. In Illinois, the method that the State disposes of your assets in a manner called "per stirpes". The method of distribution is not important for the purpose of this post, but what is important is that all potential beneficiaries under the per stirpes plan must be identified and either receive a myriad of letters or sign a certification about the probate. The proof come in when you must show the judge that you did not leave a single individual out of the search to notify all potential beneficiaries of the passing of the deceased.

So where does all of this information leave me?

This post leaves you a little more educated about the probate process and what probate is. The next post will help you determine if you would like to avoid probate, or if probate is right for you. Hopefully, your mind is a little more open to probate after understanding what probate is and what is involved in probate.

If you would like to speak to a lawyer about Probate, a Will, a Trust, or the Administration of an Estate, call the Law Office of Jonathan W. Cole at (708) 529-7794. The Law Office of Jonathan W. Cole has been helping people in Oak Lawn and the Chicago-land area with their legal needs and would like to help you as well.

Law Office of Jonathan W. Cole

5013 W. 95th St.
Oak Lawn, IL 60463
(708) 529-7794