Probate court is often times a feared court because it is expensive and time consuming. One is affected by probate court when they die with or without a will or an adult loses their ability to make healthcare and financial decisions for themselves.
Most people misunderstand that wills are excellent post-death legal strategy. In fact, a will must undergo a probate proceeding called probate. Thus, you must hire an attorney, pay court costs, and wait a minimum of 9 months to 2 years. In contrasts, setting up a trust or revocable living trust is a way to avoid a court proceeding and to avoid the pain associated with probate court. A trust is similar to a will because it distributes property upon a death. Unlike a will, a trust is an effective estate planning solution. There is no need for a court processs upon death and the estate administration is simple.
A trust also enables you to plan for an incapacity and designate a guardian for your children. A trust is an excellent legal strategy for planning your affairs upon your death.
Sean Robertson, Attorney at Law
Robertson Law Group, LLC
(312) 498-6080 or (630) 364-2318
Offices in Chicago and Naperville, Illinois.