The probate process is not required in Illinois if the decedent has set up a trust (or family trust) which in most cases helps their estate to avoid probate. Probate can take a long time and the process can be frustrating. In this article we go over important information and timelines if you are in Illinois probate. We also provide inheritance advances if you need money early before final distribution of probate.
In non-pandemic times, the probate assets (personal property) within an estate in Illinois can take anywhere from 9 months to 3 years to be distributed from the decedents estate. There are different variables including the following:
Probate proceedings take a long time. In addition, courts have been forced to go remote as a result of the pandemic, and thus have been slowed down as a result. There have been many articles recently published on the delay in the court system which has caused a lot of anguish to estate heirs. You cannot distribute any assets to heirs until the estate goes through the legal process of probate. Doing so before the probate is closed can lead to legal issues for the executor and cause headaches for everyone involved. In this article we go over laws specific to Illinois as well as ways that you can receive your inheritance cash now.
When you go through probate administration it’s important to keep in mind the specific state laws for taxes and seek legal advice. There are 38 states in the country that do not have an estate tax in place. These are the different tax laws by state.
If the deceased person’s assets are not set up with an estate plan for intestate succession the estate will haveto go through probate and you will haveto pay taxes.
An inheritance cash advance is your best option when you need an influx of cash following the death of a loved one. The cash can be used for anything you deem necessary.
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If you are stuck in the process of probate in Illinois you might have thought about borrowing against your estate or getting a mortgage on a property in probate. This is commonly referred to as an estate loan, traditional bank loan or probate loan. It’s important to understand the difference between probate loans in Illinois and an advance on your inheritance money. Inheritance advances are a much simpler process when compared to a probate loan because you don’t have the traditional requirements of a bank loan with credit checks and repayment terms on assets.
When you apply for a probate loan, you need to go through the traditional loan application process. It can be time consuming and difficult because of credit requirements and a lengthy application to be completed either online or with a representative at the bank. Thus, like probate, there can be no end in sight for many heirs.
Here are some helpful resources to utilize when you enter into the probate process in Illinois due to a loved one’s death and it can help you answer more questions about probate:
You can find the government probate resources here:
Do You Regularly Help Illinois Residents?
Yes, we’ve helped people from the following counties in Illinois with Inheritance Advanced:
If you are an heir to an estate in Illinois, you no longer need to wait for probate to close before you can use your inheritance. With an inheritance advance from Inheritance advanced you can access your money in as little as 24 hours. You decide how much of your inheritance you’d like to access early and we’ll go to work for you right away. Whether you need the money for everyday bills, would like to go on vacation, need to purchase or fix a vehicle, etc., there are no restrictions on how you use your money. We’ve advanced money to over 2,000 heirs just like you and many of those heirs live in Illinois. We’re more than happy to walk you through the Illinois probate process and answer all of your questions regarding probate in Illinois. Give us a call or fill out the form below to get started.