What Is Probate?
Probate is a court process in which your family has to get authority from the court to transfer assets according to the instructions of your will, if you have a will. If there is no will, just in default rules here in Illinois.
Personally, I think sometimes people try to scare you into a trust by saying how terrible probate is. I think that’s a wrong way of thinking about probate. The problem with any court proceeding, whether it be probate court, civil court, traffic court, whatever court you’re dealing with, is that your family is dependent upon two people that most likely they’ve never met. One is the attorney that they have to hire to go to court with, and the judge that you meet in court.
Sometimes you meet some great people. Things go wonderfully. Sometimes you don’t. That’s a real power of a trust is that the trust avoids court. It’s going to empower people that you know are going to be good with their money. Good with your family. Hopefully for that reason, that process of transferring assets upon death is going to be just smoother, more cost effective for your family.