Q: Do we need a bond in lieu of probate to sell an inherited home in IL?
In Illinois, if both parents are recently deceased and left a home valued at approximately $600,000 with no beneficiaries named, but have adult children who naturally inherit the property, and there are no debts or creditors, do they need a bond in lieu of probate to sell the home to a family member? The sale is planned for the next month or two, and there's also a brokerage account going through probate as no beneficiaries were named. All children agree on the sale, and no will exists outlining the handling of the house.
A: Illinois requires court administration of real property if the decedent dies with realty in his name.
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A:
In Illinois, if your parents passed away without a will and there are no debts or creditors involved, you will likely need to go through probate to legally transfer ownership of the home. Since the home is valued at approximately $600,000, probate is necessary to clear the title and transfer ownership to the children. You won’t be able to sell the property to a family member without completing this process.
A bond may be required depending on the situation. If there is no will and no named executor, the court will appoint a personal representative, who may need to post a bond to ensure they properly handle the estate’s assets. However, if all the children are in agreement and there are no disputes, you might be able to apply for a "small estate" procedure or use other simplified processes, which could avoid the bond requirement.
Since there’s also a brokerage account going through probate, you may want to consult with an attorney to guide you through the probate process and clarify whether a bond will be necessary. The attorney can help ensure that everything is in order for the sale and that the process is handled efficiently.
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