Adults in the Rockford area explore many avenues to pass on assets after they die. One of those ways is to take out a life insurance policy that will pay out upon the death of the policy holder. However, who you name as a beneficiary can present issues that you may not expect for your survivors and your estate. You may even end up allowing your insurance policy to go through probate.
Despite the repeated suggestions offered by estate planning experts, many in Rockford are ill-prepared in regards to the issue of estate administration. Even something as simple as making a will is often overlooked. Indeed, study data shared by the American Association of Retired Persons shows that only four out of every 10 American adults has a will. Yet many may avoid preparing a will out of fear that their beneficiaries will be angered by their decisions. They may simply think it to be better to allow said beneficiaries to decide amongst themselves who gets what once they are gone.
For those in Illinois taking the responsible step of writing a will, the term "probate" can be confusing. According to FindLaw, probate refers to the process of legally transferring your property after you die. However, the term can also refer to the court in which this process takes place. The purpose of probate is to ensure the validity of your will, settle any debts you leave behind and distribute your assets and property according to your wishes in accordance with the law. Because probate can be an expensive and time-consuming process, however, many people try to avoid it.