Collecting an inheritance in Illinois isn’t always easy, considering the legal hoops one must jump through. You and your family must go through the Illinois probate process before gaining access to a loved one’s assets. Call Rockpoint Probate Funding to discover how we can help you work through it.
The Probate Process in Illinois
If your loved one left behind a will that they put together long before their death, you might be under the impression that executing it will be a quick and painless process. However, Illinois law dictates that almost all wills in the state require legal validation. The Illinois probate process ensures that fraud and theft cases involving wills are few and far between.
From presenting a loved one’s will in court to distributing assets to the correct heirs, the Illinois probate process often takes a long time to play out. Discover more about what it entails so you’re prepared.
Does Illinois Require Probate?
Yes, probate is required in Illinois, though you and your family might not have to go through the formal probate process. If your loved one left a will that lists assets worth under $100,000, you’ll have the right to go through informal probate, which is usually much quicker.
Formal probate in Illinois is reserved for families dividing up more than $100,000 worth of assets following a loved one’s death. It’s also the right process for families who are having disputes over a loved one’s will, as well as those families who have to deal with creditors or real estate still in their loved one’s name.
How Long Do I Have To File Probate After a Loved One’s Death in Illinois?
Following the death of a loved one, the executor of their will has up to 30 days to start the Illinois probate process. They’ll begin by presenting the will to a probate court in Illinois before taking inventory of a loved one’s assets and distributing them to the appropriate heirs. If the probate process doesn’t start within 30 days, the executor can lose their right to serve in this role and miss out on the executor compensation that sometimes comes along with it.
How Long Does Illinois Probate Take?
It’s difficult to nail down exactly how long the Illinois probate process takes since it varies on a case-by-case basis. If your loved one died with less than $100,000 in assets, your family might have the chance to file a small estate affidavit and go through the informal probate process. This is typically the best-case scenario for families who want to end the probate process in just a few months.
You and your family might also move through the Illinois probate process in no time if your loved one went through estate planning and created a living trust. This type of trust automatically transfers ownership of bank accounts, life insurance policies, and other assets to beneficiaries at the time of a person’s death.
If your loved one left behind over $100,000 in assets, though, and if some of those assets include things like real estate, you might need to spend six months and maybe even a year going through the formal probate process. If your loved one had a lot of debt or if disputes arise over your loved one’s will, these things can make the probate process last even longer. Your family could spend years in court ironing out the details of your loved one’s will.
What Happens If My Loved One Dies in Illinois Without a Will?
If your loved one dies without a will, Illinois has intestate succession laws that help a probate court decide what to do with their assets. More often than not, your loved one’s surviving spouse and any children they had will receive the majority of their assets. If your loved one didn’t have a spouse or children, a probate court will seek to distribute their assets to other close surviving relatives, including:
- Parents
- Siblings
- Nieces and nephews
- Cousins
A probate court will also assign someone to serve as the administrator for your loved one’s estate when no will was left for your family. This person will be responsible for tackling tasks like paying down debts and taking inventory of assets.
Is There an Inheritance or Estate Tax in Illinois?
Illinois doesn’t have an inheritance tax for those who inherit assets from loved ones as gifts. The state does, however, have estate taxes that apply to those with estates worth over $4 million.
Can I Access an Inheritance Before the Conclusion of the Illinois Probate Process?
If you sense the Illinois probate process will take a long time to validate a loved one’s will, you might worry about financial hardships you and your family could face in the meantime. Fortunately, there are ways to access an inheritance in Illinois prior to the conclusion of the probate process. Rockpoint Probate Funding can provide probate cash advances designed to make the process less stressful.
How Does the Rockpoint Probate Funding Process Work in Illinois?
If you’re interested in the probate cash advances Rockpoint Probate Funding offers, familiarize yourself with our process to see whether applying for one makes sense. Take a look at how the process works in Illinois:
- Start by setting up a free consultation with a Rockpoint Probate Funding representative to learn more about our probate cash advances.
- Provide us with basic information about yourself, and send us a copy of your loved one’s will and probate paperwork to review.
- Receive a probate cash advance within 24 hours in many cases if you qualify for one.
From there, all you’ll need to do is pay back Rockpoint Probate Funding using a portion of the inheritance you receive when your loved one’s probate process ends.
Contact Us To Take Advantage of Our Probate Cash Advances
Do you believe you could benefit from the probate cash advances that Rockpoint Probate Funding offers? Call us at (888) 263-8588 to use one of our cash advances to make the Illinois probate process easier.
