Legal Question in Wills and Trusts in Illinois

Probate Limitations re: Tangible Property

I have been told that Illinois law excludes tangible property valued under $50,000 from Probate and therefore this property (eg., automobiles under $50K) do not need to be transferred to our Living Trust. Does this exemption apply to cumulative values when property is jointly owned? For example, my spouse and I each operate an automobile worth $28K, but jointly owned. Would you recommend the titles to these cars be transferred to our Living Trusts to avoid probate?


Asked on 9/27/00, 3:11 pm

1 Answer from Attorneys
Jeffrey R. Gottlieb Law Offices of Jeffrey R. Gottlieb, LLC

Re: Probate Limitations re: Tangible Property

Joint property isn't a probate asset at the first death but it is at the second death. It certainly doesn't hurt to out these in your trusts. And, the maximum is cumulative, so if you may have other assets outside of the trusts, then it is a good idea. At a minimum, when you purchase cars in the future, you may want to have thm titled initially in the trust (this should avoid the obscene $60 title transfer fee in IL). As always, consult with your own attorney regarding all matters relating to your living trusts.

Read more
Answered on 10/25/00, 11:54 pm


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Illinois