After your passing, most of your estate is subject to probate – a process involving the distribution of your assets to your successors. This way, your heirs can legally acquire your estate by transferring ownership to them. However, not all of your assets need to go through probate.
Which assets require probate?
Transferring certain assets to your heirs requires probate. These typically include:
- Real estate: If you are the sole owner of your real estate, it must go through probate to transfer ownership.
- Personal belongings: Your personal property, such as your vehicles, furniture, clothing, jewelry and other material objects in your possession, must go through probate.
- Financial accounts: Any bank and investment accounts under your name with no designated beneficiary must go through probate.
- Pets: Legally owned animals such as cats, dogs or birds are personal property in Illinois, meaning they must go through probate after your passing.
Any of the assets you jointly own, hold in a trust or have assigned beneficiaries do not have to go through probate. Instead, transferring the ownership of these assets is done without court involvement.
What can you do to distribute your assets without probate?
Probate can be a complicated process. To make it easier for your loved ones after you have passed on, you can take steps to streamline the distribution of your assets. This includes establishing a trust and naming your beneficiaries, which can help your family by helping them determine which people your belongings will transfer to, smoothing out the process and providing peace of mind.