Q: I've heard certain estates are exempted from probate. How do I know if mine does too?
A:
Generally, estates are subject to probate in Illinois if there is more than $100,000.00 or the person owned real estate. If there's no real estate, or the amount of other assets is less than $100,000.00, a document called a Small Estate Affidavit can be used.
However, some people choose to do things like joint ownership on accounts, payable on death beneficiary designations, etc. to try to avoid probate. These plans sometimes work, and sometimes they're big failures, for a variety of reasons. I can name twice as many disasters as I can success stories of using a plan like those.
You should speak with an estate planning attorney who you trust to discuss your specific situation. Powers of Attorney are extremely powerful documents that you don't mention, and anyone over 18 should consider having them. They are relevant during life, not at death.
Please feel free to give me a call if you have anymore questions.
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