Illinois Probate | Inheritance Advances in Illinois
Illinois Probate Process
If you’re unsure how to collect your inheritance money in Illinois, you’re not the only one — the probate process is complex and confusing for all first-time heirs. At Inheritance Funding, we alleviate your worries by helping you access your cash fast.
Is Probate Required in Illinois?
Formal probate is required in Illinois for wills and intestate estates with probate assets exceeding $100,000 in value. Probate assets worth less than that amount can go through an informal probate. A probate asset is any property owned solely by the decedent without survivorship rights or named beneficiaries.
Other reasons probate may be required include:
- The decedent had assets with tenants in common.
- There are disputes or unknown information about heirs.
- Named beneficiaries are still minors.
- There are disagreements about the will.
- Someone, such as a creditor, has petitioned for probate.
- The estate involves real estate held only in the decedent’s name.
How Long Does Probate Take in Illinois?
Illinois law requires that when an individual dies, their estate must go through the Probate Courts for distribution. Probate is the legal process behind administering assets from a decedent’s, or the person who has died’s, estate to their designated heirs.
While most inheritors assume Illinois probate is fast and simple, many outside forces can lengthen and complicate this process. There is no specific timeline for probates in Illinois, and you cannot collect your share of the inheritance money until after probate ends, which can be anywhere between a few months to several years after the process begins.
Depending on the complexity of your estate, you may enter a formal or informal probate case. To enter an informal probate case, an estate must have a value of less than $100,000. During formal probate cases, there must be enough time for creditors to present their claims and executors to take inventory of all assets. You must also resolve any disputes before completing the process, which can extend the timeline.
While the specific time will vary depending on your formal probate case, you can expect your case to close within six months to a year if there are no delays. Closing probate cases for more complicated situations may take several years.
How Do You Avoid Probate in Illinois?
If an individual places their assets into a revocable living trust, the beneficiary can avoid probate in Illinois. By establishing a revocable living trust, beneficiaries will automatically receive estate assets.
Another method of avoiding probate is owning assets with another person in joint tenancy. In addition, any assets with a named beneficiary will transfer automatically without probate. Some accounts that can transfer ownership without going through probate include:
- Bank and brokerage accounts
- Investment accounts
- Retirement accounts
- Savings accounts payable on death or life insurance policies
Real estate with a transfer on death deed can also avoid probate proceedings in Illinois.
How Long Do You Have to File Probate After Death in Illinois?
After a person learns they are the executor of the decedent’s will, they have 30 days to present the will in court. If they do not act within this timeframe, they lose the right as executor even if the will states otherwise.
What Happens if Someone Dies Without a Will in Illinois?
When a person dies without a will, probate laws in Illinois will classify their estate and assets as intestate. Intestacy laws determine who receives a deceased person’s assets when no will is available.
Illinois’s intestacy laws state that If you die without a will, your closest heirs will gain control of your estate and all decisions regarding your assets. If the decedent did not have a spouse or children, their estate and assets would go to their closest surviving relatives, such as:
- Adult siblings
Assets that fall under intestacy laws include property, bank accounts and retirement savings in which you are the sole owner. The probate court will also assign an administrator to gather the person’s assets, pay bills and settle the estate when no will is present.
Does Illinois Have an Inheritance or Estate Tax?
There is no tax for Illinoisans who inherit money or property as a gift. Illinois does place a tax on estates when the value exceeds $5,450,000 for an individual and $10,900,000 for spouses.
Spouses in Illinois Inheritance Law
If you die in Illinois without a will, how much your spouse receives will depend on how many living descendants you have. For those without any living descendants, the spouse will receive all your assets. A spouse will receive half of the inheritance if the decedent has living descendants.
How Can I Get Access to My Inheritance Money in IL Now?
If you’re surprised by how unnecessarily complicated and drawn-out Illinois probate can be, your frustration is completely warranted. After all, you’re legally entitled to your inheritance money. Thankfully, you can still get your money without going through probate.
Inheritance Funding will get you started with a probate cash advance so you can access your cash right when you need it. You’ll enjoy our quick and stress-free process, where you’ll provide some information about your share of the assets and how much money you want to use immediately. Next, one of our friendly representatives will walk you through some paperwork before transferring your money that same day.
Where Can I Get an Illinois Inheritance Advance?
At IFC, we’ll never deny you your inheritance advance based on where you live. We provide inheritance advance services for heirs all across Illinois, including the following counties:
- Cook County
- Lake County
- DuPage County
- Will County
- Kane County
- McHenry County
- Madison County
- Winnebago County
- Champaign County
- St. Clair County
- And more
Our Illinois Probate Cash Advance Process
If you’re ready to speed up the inheritance process with a probate cash advance in Illinois, Inheritance Funding is your solution. We employ a simple four-step procedure that starts with a free appointment with an IFC representative and concludes with an immediate payoff.
As the oldest and most reliable probate advance provider in the state, we offer many advantages to our customers:
- Lowest price on the market: We’ll beat any confirmed offers to get you the best rate on your inheritance advance.
- Risk-free process: Because we are not lenders, our services are 100% non-recourse, meaning there’s no risk of non-payment.
- Instant access: You can finalize our process using your phone or computer and get cash in as little as a day.
- No income or credit checks: We base our cash advances on what’s in the estate, not your credit score, income or employment history.
- Cash with no restrictions: Once you get your inheritance money, you have the freedom to use it however you want.
- No hidden costs or payments: We’ll charge you a fixed price and nothing else — there are zero additional fees, monthly payments or impacts on other inheritors.
Collect Your Inheritance Money Without Delays at IFC
If you’re looking for an inheritance loan in Illinois, consider a better option: a probate advance. Inheritance Funding Company has been a leader in the industry since 1992, and we’re still raising the bar today.
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