Legal Question in Wills and Trusts in Illinois
Probate necessity and costs when parents leave no will
My brother and myself are/or will be the only heirs of our parent's estate. However, neither parent because of infirmness of mental capacity will execute a will.
Upon their passing how will things proceed? Is probate mandatory or necessary, are there costs incured, and what are the time frames involved to settle matters.
Can my brother and me be proactive in any way, and if we can convince our parents to act - what would be the best instrument? We are not talking about a large estate, i.e. less than $500K. We are also not eager for this event - we just want what has been accumulated to be protected from lack of action or ignorance.
1 Answer from Attorneys
Re: Probate necessity and costs when parents leave no will
If neither have capacity to take action and do not have powers of attorney for property in place then there is little that you can do now. Assuming the property is currenty held by them as joint tenants, probate will be necessary only at the second death between them. Probate is generally not a horror in IL and is a good way of dealing with and cutting of creditor's claims within a limited time period. If you have any questions, call me at (847) 991-2250.
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