Legal Question in Wills and Trusts in Illinois
My dad passed away recently, leaving no will. Practically everything he owned is jointly held with my mom, except for one vehicle. She is disabled, so it's my task to conduct business. I am the only child. There is some medical debt that it looks like we'll be able to pay from the cash assets. What do I need to do next? Is only the vehicle solely owned by dad in going to need to go through the process, or will more of it be because of the medical expenses?
2 Answers from Attorneys
Hello,
I am sorry to hear about your father's passing. Certain assets are exempt from probate including real estate held by tenants in the entirety, which is the way real estate is commonly held among married couples. You should verify the manner in which the property is deeded. Some other examples are bank accounts held in joint tenancy and certain contracts. Once you separate the assets which are exempted from probate, total the value of the remaining assets. If the total remaining value of your father's estate is less than $100,000, you are not required to open a probate estate. There are some advantages to going through probate; a decision should be made after understanding both the advantages and disadvantages. His medical debt should be paid timely if possible.
I agree with Ms. Johnson's respone on the asset transfer issue. But it sounds like you are also concerned about handling your mother's affairs.
If you want to handle your mother's affairs it is likely that you will need to appointed as guardian.
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