Illinois Inheritance Loans and Probate Advance Law
If a loved one dies and leaves you part of an estate, one of your first questions may be when you receive your inheritance. If the estate must go through probate, it could be months to years before you will receive what’s yours. And while most heirs want to know how to avoid probate, the fact is, estate planning is one of the only ways to bypass this system. However, you may be able to get your inheritance quickly and easily and in as little as a few days. Here, we explore some of the options that may be available to you if you want to avoid probate or are looking to access your inheritance before the probate process is completed.
What Are Illinois Probate Laws?
Illinois probate laws have the same goal as all other states; protect the wishes of the deceased and the rights of those involved, including third parties. A will is a written directive of the deceased’s wishes as to how their assets and property are divided and disbursed. Probate makes sure those wishes are legal and are followed. However, if you die owing money, those owed have a right to collect the debt after your death.
Whether you are planning how best to get your assets to your heirs after your death or you have the responsibility of administering a will during the probate process, an attorney who focuses on wills and estate laws will be able to help. This type of attorney will have detailed knowledge about the probate laws in Illinois and will know how you should plan your estate or how probate should be executed properly.
An administrator or executor of a will has many things to manage including inventorying an estate, appraising its value, and meeting all deadlines and requirements. An attorney can help make sure you don’t run into stumbling blocks and that you file all forms correctly and on time.
What is The Probate Process in Illinois?
The probate process in Illinois is much like the process in other states. First, the administrator of the estate must be appointed. This person is typically named in the will, but if there is no will, the probate court will select someone to serve. The executor has many jobs including proving the validity of the will. If the court deems the will as valid, then the executor will have a set period of time to identify all assets and property, develop an inventory of the estate and have the estate professionally appraised. This information is submitted to the court.
Any debts the deceased owed should be paid. The executor will post notice of probate, and the debtors will have a period of time to file a claim. These debts are paid before any inheritance is paid to heirs. All final taxes must also be paid. If the estate is not able to pay their debts, some of the estates may be sold. What remains of the estate after debts and taxes are paid is then given to the heirs. The court will follow the wishes of the will regarding how the estate is divided and distributed. However, if there is not a will, then the court will decide how the estate is divided.
An executor is tasked with managing the estate through the probate process, but they do not have control of the estate. For example, an executor cannot sell assets or give them to estate heirs. They can only do what the court and law direct them to do.
What Property Will Go Through Probate in Illinois?
What property goes through probate in Illinois depends on whether the deceased planned the estate and established trusts and survivorship. Basically, property and assets like bank accounts and insurance policies will have to go through probate unless the owner takes measures to prevent it.
For example, homes and other real estate, vehicles, and bank accounts can be automatically transferred to your spouse when you die if you apply the appropriate provisions. An attorney can help you with estate planning to ensure your loved ones get your estate quickly and without probate. If there is no will, and survivorship and trusts have not been established, then odds are, the estate will have to go through probate.
How Can You Avoid Probate in Illinois?
You can avoid probate in Illinois through estate planning. Probate can be costly and is almost always time-consuming. Heirs may have to pay fees and costs if the estate cannot cover them, and it may be years before probate finally ends.
Probate is a slow process that typically takes months if not years to complete. If the will is contested, then probate can take significantly longer. When you establish a living trust, your assets are automatically transferred to your beneficiaries when you die. Assets included in the trust do not go through probate, and you continue to control those assets until you are longer able to do so, or until you die.
How Can You Access Illinois Inheritance Funds Immediately?
Many people don’t know that you can access Illinois inheritance funds immediately instead of having to wait until the probate process is done. Many beneficiaries are eligible to receive their inheritance in a matter of days. And the process to get your funds is extremely easy.
With Probate Advance, heirs and beneficiaries can access their inheritance funds in as little as 48 hours. Best of all, there’s no credit check, no loans, no payment plans, and no interest. You shouldn’t have to wait to get what your loved one wanted you to have, and now you don’t have to. Probate Advance gives you the option of getting your money now, and all you have to do is fill out the form. Your personal information is encrypted, and all transactions are secure.
Do You Qualify for an Illinois Inheritance Cash Advance?
To determine if you qualify for an Illinois inheritance cash advance, just give us some basic information. Typically, beneficiaries who expect at least $12,000 from an estate may qualify for an inheritance advance. When you qualify, your funds may be available to you in 48 hours.
What Do You Need for a Probate Advance in Illinois?
You may be surprised that what you need for a probate advance in Illinois is just some basic information. We just need to confirm that you are an heir or beneficiary of an estate and know how you want to receive your money. We handle the rest. You shouldn’t have to wait for your inheritance. Get your funds in about two days.
What Areas of Illinois Qualify for an Inheritance Loan?
We offer inheritance loans in all cities in Illinois, including but not limited to:
To learn more about Illinois probate laws and the rules on inheritances, check out our resources.