When a loved one passes on, you may find it hard to focus on anything else. If you’re in charge of their estate, though, it’s important to do the job correctly. To accomplish that goal, avoid the common probate errors listed below.
Not Using Alternative Estate Administration Methods
Illinois offers a probate alternative to qualifying estates. If your relative’s estate is eligible, you’ll save money and time. Estates under $100,000 can use these alternatives methods. Your probate attorney in Rockford, IL, can provide more details about whether or not this is a good option for your situation.
Improper Categorization of Assets
Some assets aren’t probated at all and can be distributed immediately after a person’s passing. Jointly held properties, trust assets, and life insurance policy proceeds are some examples. When assets are improperly categorized, the entire process is delayed.
Failure to Notify Creditors
Illinois law requires representatives to notify the estate’s creditors when probate starts. Creditors may be individually notified, but notices must also be published in local newspapers. All creditors have a period within which claims may be filed, which means probated assets can’t be distributed until after that period ends.
Not Hiring an Attorney
While some estates are simple and small enough to be handled alone, probate is a time-consuming effort that requires financial and legal skills which most people lack. Retaining a probate attorney from Rockford, IL, as well as appraisers, accountants, and other professionals will help you avoid costly mistakes that will delay the case and prevent beneficiaries from getting everything they are entitled to.
Contact a Probate Lawyer Today
A probate attorney from the Rockford, IL, area can help you handle your loved one’s estate and advise you on these and other issues. If you have questions about the probate process and want to avoid the mistakes listed here, contact the Crosby Law Firm to schedule a consultation with a local attorney.