Probate is a term that most people have heard of, but when a person is beginning to plan their estate, probate takes on a much more impactful meaning. For people with larger estates, probate, along with the estate tax, can make for a difficult time for the people that a decedent leaves behind. Fortunately, the services of a Probate Attorney in Rockford IL can be helpful in this particular aspect of estate planning.
For estates that have few assets, the probate process is generally waived. For those who’s estates are now in the possession of a trust, probate is also bypassed. However, for most people, whatever assets are remaining, their estates will have to go through the probate process. In addition, an executor, typically a spouse or another family member will have to handle the probate process.
In the probate process, the value of assets within the estate is set by the court. In addition, any tax debt or credit debt that is outstanding is paid out of the assets held by the estate. It is only until after this lengthy process that the decedent’s last will and testament will be carried out. Unfortunately, this can take many weeks or, in some cases, especially with more complicated estates, many months before everything is settled. It could potentially take longer without the help of a Probate Attorney in Rockford IL.
Whether the probate attorney is acting as the executor or is assisting the executor, having a lawyer that is familiar with the probate process is helpful. This can move along the probate process by either having them handling the details on their own or counseling the executor on the better and most time efficient methods of working an estate through the probate process.
If you’ve begun to plan your estate and you know that the probate process is unavoidable, it might be better to seek the services of legal counsel. This legal counsel can jump into action after you’ve passed away to either act as the executor or to guide the estate executor through the probate process. This makes things much easier and more streamlined. Simply put, the faster it’s done, the faster your wishes via your last will and testament can be enacted.
