Why Create A Living Trust For Your Real Esate?

By
Real Estate Agent with Re/Max 10 New Lenox Illinois

If you have recently lost a Parent or Loved-One, and now must go through the stressful and time consuming Illinois probate process, it’s time to call me at 708-439-0165 - dalelesleytaylor@peoplepc.com with the experience to help you, and get your questions answered today.  

 

You may have a lot of unanswered questions when it comes to certain aspects of how Elder Law works?  I understand this is a worrying and difficult time, and always here to help.

 

As a Certified Probate Real Estate Specialist (CPRES) I am an expert in my field.  My job is to inform you of the most accurate and up to date information that is currently available.  You may prefer to discuss your issues directly?   I welcome you to call me      708-439-0165 - dalelesleytaylor@peoplepc.com.

I am a ...

 

CERTIFIED PROBATE SPECIALIST SERVING THE CHICAGO AREA

 

PROVIDES TIMELINE OF PROBATE PROCESS

 

RESOURCING EXECUTOR'S DUTIES AND/OR ADMINISTRATOR'S RESPONSIBILITIES

 

COORDINATES PURCHASING PROCESS OF HOME

 

EXPLAINS PROBATE TERMS

 

MAINTENANCE OF HOME RECOMMENDATIONS

 

COMPLIMENTARY PROBATE MARKET EVALUATION OF HOME (PCMA)

 

EFFECTIVE PLAN FOR MARKETING HOME

 

STAGING OF HOME

 

GUIDANCE ON MISTAKES NOT TO MAKE, AND EXTRA EXPENSES TO AVOID  

GIVE ME A PHONE CALL TODAY, AND I WILL BE GLAD TO GIVE YOU THE DETAILS YOU NEED, TO CONVERT AN ESTATE RESOLUTION PROBLEM INTO SUCCESSFUL SOLUTION! 708-439-0165 - dalelesleytaylor@peoplepc.com.

 

HTTP://DTAYLOR.ILLINOISPROPERTY.COM

HTTP://USPROBATESERVICES.ORG/DALETAYLOR

 

Probate (Death Intestate) – Death Without a Will or Living Trust - (The following information is graciously provided by ChicagoEstateLawyer.com).

 

If you don’t have a will or living trust in place when you pass away, your assets are subject to Illinois’ intestacy laws. Even if you have written a will but not a living trust, your assets will likely go to probate. These laws determine which parties are to inherit a deceased individual’s assets depending on which descendants he or she has. This can be contested in probate court, but it is an expensive and lengthy process.

 

Probate is the process through which the court identifies and appraises a deceased individual’s assets, then pays the associated taxes and debts, followed by distributing the remaining assets to the deceased’s beneficiaries. Choosing an experienced Probate attorney in Joliet to help you draft or modify your plan can reduce or even eliminate the need for an estate to go through probate, which can be expensive for the deceased’s family and potentially create family arguments and problems.

 

After receiving assets, whether through a will or intestacy succession, beneficiaries can be subject to estate taxes if the deceased did not take careful measures to reduce or eliminate these taxes. In some cases, receiving assets can put a beneficiary deep into debt.

 

Probate is the legal process through which a deceased individual’s heirs receive his or her assets. It also ensures that the deceased individual’s outstanding debts and taxes are paid off using funds from his or her estate. In short, it is the court process used to oversee the “tying up” of any issues that need to be resolved after an individual’s death. The probate process is lengthy and very court-process intense. Our qualified Chicago probate lawyers can assist you with organizing this process including: handling all court appearances, probate filings, public notices, assigning an “Executor” (successor trustee) and also litigating any claims against the estate from creditors or family members.


Assets NOT Subject to Probate

 

Jointly owned assets are not subject to probate. In Illinois, probate is only necessary if the deceased’s solely owned, nonexempt assets are worth $100,000 or more.

 

The following assets are not subject to the probate process. These assets instead pass directly to their named beneficiaries:

Assets held in trusts, such as revocable living trusts;

 

Assets with designated beneficiaries, such as payable-on-death bank accounts and retirement plans with named beneficiaries;

Jointly held assets; and

 

Real estate properties with transfer-on-death deeds


How the Probate Process Works

 

It is a common misconception that having a will eliminates the need for an individual’s assets to go through probate. What a Will can actually do is make the probate process easier by providing clear instructions for the court to follow when distributing a deceased individual’s assets to his or her loved ones.

 

In Illinois, when a Will is not present probate is handled by the circuit court of the county where the deceased individual resided. A qualified family member, usually next of kin, files a petition with the court to become the “successor trustee” and usually works with a lawyer experienced in probate law to complete this process. This typically includes notifying all of the deceased’s heirs, and creditors are also notified through an approved method like a newspaper ad. Often, the successor trustee is given authority to liquidate assets including real property, and to hold funds in a trustee bank account until all creditor claims are resolved and a final distribution can be made to the rightful heirs.

 

Probate can be a fairly straightforward process, but still takes about 12 – 18 months or longer to complete. When there are no conflicts between the deceased’s heirs, the estate’s successor trustee can usually complete the payment of the deceased’s debts and distribution of the assets to his or her heirs without much court oversight. When there are conflicts to work through, the court may supervise the process and require the executor to receive court approval before taking any actions or distributing any funds. Once the process is complete, the executor files a final account of the assets and how they were handled with the court. After accounting for the distribution of the final assets, the court can close the estate. If you’re in need of a highly qualified probate attorney in the Chicago area, contact me 708-439-0165 - dalelesleytaylor@peoplepc.com for a qualified attorney today.

 

What Is Another Explanation of Probate? (provided by the gracious courtesy of Delaney Delaney & Voorn):

 

Probate is the process by which the Probate Court identifies a decedent’s heirs and determines the validity of the decedent’s Will. It also identifies someone to be responsible for administering the probate estate (called an Executor if there is a Will or an Administrator if there is no Will), and supervises the administration of the decedent’s probate estate.

 

Technically, probate also includes guardianship petitions and administration. When people speak of “Probate” however, they are typically referring to the administration of decedent’s estates.


“What is the difference between probate and non-probate property?”

 

Generally, a “decedent’s estate” consists only of assets titled in the decedent’s sole name, payable to the decedent’s estate, and real property held as “tenants in common” with another person.

 

In certain instances, joint tenancy property may be a “probate” asset if the decedent included the survivor’s name on the account merely as a “convenience”, with no intent to transfer the property to the other upon death. 

 

“Is probate always necessary?”

 

In Illinois, if the total amount of these assets of the decedent, in the aggregate, exceed $50,000, a probate estate must be opened.


Generally, if the estate is less than $50,000, a person (known as an “affiant”) may use a “small estate affidavit” to transfer such assets. A real estate titled in the decedent’s name, however, or as tenants in common, (either in Illinois or another state), generally cannot be passed using a small estate affidavit. Furthermore, an executor may choose to open a probate estate even if they are not required. An example of this would be if it is desirable to cut off creditor’s claims or to resolve a family dispute over the will.

 

Please note, that even if a probate estate will not be opened, if the decedent had a Will, it must be filed in the decedent’s last county of residence (concealing a Will can be a felony).

 

“What if the decedent owed money at death?”

 

Part of the probate process includes creditors being notified of the death. They must then file a claim for the amounts due and If the claim is approved by the executor, the bill is paid out of the estate. If the claim is rejected, creditors must sue for payment. If there are insufficient funds to pay debts, states have various statutes establishing who gets paid first. Executors are most likely to commence the sale of a property to pay off approved creditor claims. Any claims remaining are pro-rated.

 

“What about taxes?”

 

For federal and state tax purposes, a death will initiate two events:

•It ends the decedent’s last tax year for purposes of filing an income tax return.
•It establishes a new, separate entity for tax purposes, the “estate”.

For Federal tax purposes, it may be necessary to complete and file one or more of the following, depending on the decedent’s income, the size of the estate, and the income of the estate:
•Final Form 1040 Federal Income Tax return.
•Form 1041 Federal Fiduciary Income Tax returns for the estate.
•Form 709 Federal Gift Tax return(s).
•Form 706 Federal Estate Tax return.

 

For state purposes, an executor must file the appropriate state income tax return plus possible estate tax, inheritance tax and gift tax returns. In many states, gift, estate and inheritance taxes have been eliminated for most small and medium-sized estates.

 

The requirements for filing and payment vary widely from state-to-state.

 

20 TIPS FOR SELLING YOUR HOME

 

As a Personal Representative, Designated Executor, or homeowner,  you can play an important part in the timely sale of your property. When you take the following steps, you’ll help your RE/MAX Sales Associate sell your home faster, at the best possible price.

 

The easiest and most reliable way to improve the appeal of your home is to enlist a quality home service professional. The right professional can help you get everything in order - from repainting the kitchen to providing a thorough cleaning - so you can stay focused on more important things.

 

Make the Most of that First Impression - A well-manicured lawn, neatly trimmed shrubs and a clutter-free porch welcome prospects. So does a freshly painted – or at least freshly scrubbed – front door. If it’s autumn, rake the leaves. If it’s winter, shovel the walkways. The fewer obstacles between prospects and the true appeal of your home, the better.

  1. Invest a Few Hours for Future Dividends
    Here’s your chance to clean up in real estate. Clean up the living room, the bathroom, the kitchen. If your woodwork is scuffed or the paint is fading, consider some minor redecoration. Fresh wallpaper adds charm and value to your property. If you’re worried about time, hire professional cleaners or painters to get your house ready. Remember, prospects would rather see how great your home really looks than hear how great it could look "with a little work."
  2. Check Faucets and Bulbs
    Dripping water rattles the nerves, discolors sinks, and suggests faulty or worn-out plumbing. Burned out bulbs or faulty wiring leave prospects in the dark. Don’t let little problems detract from what’s right with your home.
  3. Don’t Shut Out a Sale
    If cabinets or closet doors stick in your home, you can be sure they will also stick in a prospect’s mind. Don’t try to explain away sticky situations when you can easily plane them away. A little effort on your part can smooth the way toward a closing.
  4. Think Safety
    Homeowners learn to live with all kinds of self-set booby traps: roller skates on the stairs, festooned extension cords, slippery throw rugs and low hanging overhead lights. Make your residence as non-perilous as possible for uninitiated visitors.
  5. Make Room for Space
    Remember, potential buyers are looking for more than just comfortable living space. They’re looking for storage space, too. Make sure your attic and basement are clean and free of unnecessary items.
  6. Consider Your Closets
    The better organized a closet, the larger it appears. Now’s the time to box up those unwanted clothes and donate them to charity.
  7. Make Your Bathroom Sparkle
    Bathrooms sell homes, so let them shine. Check and repair damaged or unsightly caulking in the tubs and showers. For added allure, display your best towels, mats, and shower curtains.
  8. Create Dream Bedrooms
    Wake up prospects to the cozy comforts of your bedrooms. For a spacious look, get rid of excess furniture. Colorful bedspreads and fresh curtains are a must.
  9. Open up in the Daytime
    Let the sun shine in! Pull back your curtains and drapes so prospects can see how bright and cheery your home is.
  10. Lighten up at Night - Turn on the excitement by turning on all your lights - both inside and outside - when showing your home in the evening. Lights add color and warmth, and make prospects feel welcome.
  11. Make Your Bathroom Sparkle - Bathrooms sell homes, so let them shine. Check and repair damaged or unsightly caulking in the tubs and showers. For added allure, display your best towels, mats, and shower curtains.
  12. Create Dream Bedrooms - Wake up prospects to the cozy comforts of your bedrooms. For a spacious look, get rid of excess furniture. Colorful bedspreads and fresh curtains are a must.
  13. Open up in the Daytime
    Let the sun shine in! Pull back your curtains and drapes so prospects can see how bright and cheery your home is.
  14. Lighten up at Night - Turn on the excitement by turning on all your lights - both inside and outside - when showing your home in the evening. Lights add color and warmth, and make prospects feel welcome.
  15. Avoid Crowd Scenes
    Potential buyers often feel like intruders when they enter a home filled with people. Rather than giving your house the attention it deserves, they're likely to hurry through. Keep the company present to a minimum.
  16. Watch Your Pets
    Dogs and cats are great companions, but not when you're showing your home. Pets have a talent for getting underfoot. So do everybody a favor: Keep Kitty and Spot outside, or at least out of the way.
  17. Think Volume
    Rock-and-roll will never die. But it might kill a real estate transaction. When it's time to show your home, it's time to turn down the stereo or TV.
  18. Relax
    Be friendly, but don't try to force conversation. Prospects want to view your home with a minimum of distraction.
  19. Don't Apologize
    No matter how humble your abode, never apologize for its shortcomings. If a prospect volunteers a derogatory comment about your home's appearance, let your experienced RE/MAX Associate handle the situation.
  20. Keep a Low Profile - Nobody knows your home as well as you do. But RE/MAX Sales Associates know buyers - what they need and what they want. Your RE/MAX Associate will have an easier time articulating the virtues of your home if you stay in the background.
  21. Turn Your Home into a Second-Hand Store - When prospects come to view your home, don't distract them with offers to sell those furnishings you no longer need. You may lose the biggest sale of all.
  22. Defer to Experience - When prospects want to talk price, terms, or other real estate matters, let them speak to an expert - your RE/MAX Sales Associate.
  23. Help Your Agent -Your RE/MAX Associate will have an easier time selling your home if showings are scheduled through his or her office. You'll appreciate the results! CALL ME TODAY 708-439-0165 -  dalelesleytaylor@peoplepc.com
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Selling
Location:
Illinois Will County Frankfort
Groups:
Real Estate Secrets 101
RE/MAX Collection - RE/MAX Luxury Homes Realtors
Working Smarter Not Harder
RE/MAX REAL ESTATE NETWORK
Realtors On Twitter
Tags:
why create a living trust for your real esate

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
2,919,337
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Dale.

My goodness what a long read, but worth it.  Hope you have a great week

Aug 19, 2019 02:34 AM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
232,179

Dale Taylor

Realtor = Chicago Illinois Homes Townhomes Condos
Ask me a question
*
*
*
*
Spam prevention

Additional Information