In this Elder Law Minute, Kaye DeSelms Dent explains how Illinois probate’s claims period can actually limit creditor claims and streamline estate administration.
Video Transcript:
Introduction
Hi, I’m Kaye DeSelms Dent with Dent Coulson Elder Law here with an elder law minute for you. These videos are intended to educate you about the elder care journey which begins earlier in life than you might think. We hope that you find them useful and if you have further questions, please call us at Dent Coulson Elder Law.
Probate Is Not About Avoiding It at All Costs
I always tell clients and prospective clients that probate isn’t something to avoid for the sake of avoiding it. And people say, “But it takes so long.” Well, it really doesn’t take that long.
The Probate Claims Period in Illinois
There is a claims period built into probate. And I’m talking specifically about Illinois, but there’s similar structures in most states. A claims period is a period of time. And in Illinois, it happens to be 6 months during which creditors can make claims against the estate.
That means that if you have debts, credit card debt, car debt, mortgage, whatever it is, your creditors have 6 months to make a claim against your estate.
Secured and Unsecured Debt
Now, in some situations, the debt is secured like through a car loan or a mortgage on a house. And those might be slightly different issues than just credit card debt, straight debt that’s not secured by some of your property.
Why the Claims Period Matters
That’s a very important period of time because if the creditor doesn’t properly exert its rights during that claims period, then it’s barred. So, it can’t come after your estate any longer.
So, the six-month claim period that’s built in really doesn’t prolong the probate. If anything, it shortens it because if you don’t go through probate, your creditors are subject to a 2-year statute of limitations, four times as long.
Estate Planning Is Personal
At Dent Coulson Elderlaw, we’d be happy to consult with you about your estate planning and the various options available to you and whether or not probate may or may not be a part of your estate administration after your death and what that means in your particular circumstances.
It’s important to remember that everybody’s situation is unique. Everybody’s family is unique. Everybody’s assets are unique. And it’s important to develop a plan that is right for you and your family. Again, we are here to help at Dent Coulson Elderlaw.
We Are Here to Help
Dent Coulson Elder Law is here to help you with nursing home and other living situation contract reviews. Call us today.
If you have any questions, give us a call at Dent Coulson Elder Law. Thank you.
“Your Trusted Advisor on the Elder Care Journey”
Dent Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older.
Learn More about legal guardianship from the American Bar Association
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“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.