When Does Probate Apply?

Probate | SK Walker Law | Marion IL

Introduction

One of the most common questions people have about probate is when it actually applies. Not all estates need to go through probate, and understanding the criteria can save time and stress. In this post, we will discuss when probate is necessary and how SK Walker Law can assist you if you are in Southern Illinois.

When Does Probate Apply?

Probate generally applies in the following situations:

1. Sole Ownership: If the deceased owned assets solely in their name, those assets typically go through probate.

2. Estate Value: In Illinois, if the total value of the estate exceeds $100,000, probate is usually required.

3. No Beneficiary Designations: Assets without designated beneficiaries, such as certain bank accounts or real estate, may need to go through probate.

Exceptions to Probate

Certain assets can bypass probate, including:

1. Jointly Owned Property: Assets owned jointly with rights of survivorship automatically pass to the surviving owner.

2. Trusts: Assets held in a trust are not subject to probate.

3. Beneficiary Designations: Life insurance policies, retirement accounts, and payable-on-death accounts with named beneficiaries do not go through probate.

The Role of the Executor

The executor, named in the will, plays a crucial role in determining whether probate is necessary. They are responsible for filing the necessary paperwork and managing the estate’s affairs. If you are named as an executor, consulting with an attorney can help you understand your responsibilities and ensure the process goes smoothly.

Why Choose SK Walker Law?

At SK Walker Law, we understand the complexities of probate and are here to help you navigate them. Our team, led by Scott Walker, offers personalized legal services tailored to your unique situation. We are committed to providing clear, compassionate guidance to clients in Southern Illinois.

Conclusion

Knowing when probate applies can help you prepare and manage your loved one’s estate more effectively. If you are in Southern Illinois and need assistance with probate, contact SK Walker Law. We are here to provide the support and expertise you need during this challenging time.