In this segment of Elder Law Minute, we talk about the many misconceptions of wills, how to avoid probate, and living trusts. Depending on the size of your estate, you may be able to avoid probate under Illinois and Missouri laws. We also stress the importance of having a living trust to avoid probate.
Hi, I’m Wes Coulson, and this is your Elder Law Minute. I want to clear up a common misconception about wills. A lot of people believe that wills avoid probate. That’s not the case. In fact, wills are intended to go through the probate process.
The only time in which you will avoid probate with or without a will is if the size of your estate is small enough under state law that you qualify for an exemption to probate. InIllinois, that means less than $100,000 and no real estate. InMissouri, it means less than $40,000.
If you want to avoid probate, there’s one great way of doing that, and that is to have a living trust. That’s why living trusts are for anyone with an estate of any substantial size -the better way to plan your estate. Thanks!