Probate is an unfamiliar concept to many people but our Crystal Lake probate lawyers will help you through every step of the process. Most people know that probate is a period of time after a person dies, but before money can be paid out to the heirs. Probate is much more than that, and should not be a thing to fear. Probate can cut off creditors of the decedent’s estate, and settle issues of valuation. Without probate, uncertainty may exist as to the owner of the decedent’s assets.
When a person dies as a resident of Illinois, state law requires their estate to be probated if there is more than $100,000 in assets solely in the decedent’s name. If there are significant creditors of the estate, there may be good reasons for opening a probate estate even if the assets do not exceed $100,000.