Illinois Estate Planning | Avoiding Probate

The Costs of Avoiding Probate

Avoiding probate occurs when a will is not submitted to a the Illinois Probate Court for examination. Avoiding probate would thus in turn circumvent executor expenses, attorney costs, accountant fees and the time required to file the plethora of documents required by the probate court. However, avoiding probate also fails to a validate the Last Will & Testament, meaning that a grantor cannot pass on any property or assets through his/her will.

Avoiding Probate via Revocable Trusts

The most popular estate planning tactic for avoiding probate is through the development of a revocable trust. A revocable trust accomplishes the same final purpose as a the Last Will & Testament, except for the fact that the revocable trust does not require involvement in the probate process. Our Chicago probate attorneys counsel our clients to not overlook the potential advantages that result from avoiding probate where the situation warrants use of a revocable living trust.

One of the problems associated with probate is the length of time required to administer the estate. The revocable trust however does not necessarily result in a short process than probating a will. The difference ultimately rests in the conditions of the grantor and the estate. Our Chicago estate planning attorneys offer legal expertise to help clients understand the most time-efficient alternative for their needs.

Another benefit to avoiding probate advantage via the revocable trust is that this generally results in the savings of professional fees and expenses - i.e., fees associated with the will executor's commissions, attorneys and accounting fees
Another important benefit to avoiding probate through a revocable trust is that this alternatives generally result in far less expenses, such as the executor fees, accounting costs and attorney fees. Even these fees however do not always amount to be compelling enough of reason to choose a revocable trust over a will.  The Illinois estate planning attorney fees for drafting a will must be compared with the fees generally charged for drafting revocable trusts. Many Chicago estate planning attorneys use wills as a “loss leader” in the hope of getting the probate administration, so the attorney fees for wills often will not reflect the true time invested. As a general rule, the attorney fees for preparing revocable trusts are higher than those for preparing a simple will.