When an Illinois resident dies, their real estate and other assets must be formally processed in probate court. During probate, a judge reviews the decedent’s will and other estate planning documents to determine the rightful owners of specific assets. While some cases are straightforward, others may be more complicated depending on the complexity of ownership, as well as the instructions left behind by the decedent. If you’re concerned about the process following your passing or are preparing to review a loved one’s estate, here’s what you should know.

What Are the Types of Ownership & How Do They Impact Inheritances?

Sole

Sole ownership means that, according to the property deed, the decedent was the only owner of the home. In these situations, the home is inherited by the beneficiaries as instructed within the decedent’s will.  

Tenancy in Common

Tenancy in common refers to situations where two or more parties share ownership of a home. When one owner passes away, their share of the property is inherited by the intended beneficiary as laid out by their will.

Arrangements can be made in court for common tenants to rightfully purchase the share from the beneficiary. The property can also be sold with the proceeds split between each surviving owner and beneficiary.

Joint Tenancy

Joint tenancy functions similarly to tenancy in common as the real estate is owned by two or more parties. However, these arrangements are paired with “rights of survivorship” on the deed. A right of survivorship means that the surviving tenant(s) will automatically inherit the property. When the final owner passes away, the property will be inherited according to the terms of their will.

What Happens If There’s No Will?

If an owner does not have a will to identify a beneficiary, the property must be processed in probate court according to Illinois intestate succession laws. These laws pass the property onto the decedent’s closest surviving relatives. For example, if a deceased owner is survived by both a spouse and children, half of the property will go to the spouse, while the other half is split among the children.

How Can Probate Be Avoided?

If you want loved ones to inherit your home without having to go through the probate process, work with an estate planning attorney to add a transferrable-on-death instrument to the property deed. This instrument legally allows the property to be transferred directly to the named beneficiary without probate.

If you have concerns about real estate inheritances, turn to Larry J. Keller Attorney at Law. Larry Keller has provided estate and real estate law services to residents throughout Waterloo, IL, for over 30 years. He will review wills and deeds to ensure the property is processed correctly in probate court. This lawyer also assists with estate planning to create a will that accurately represents your wishes and can add a transferrable-on-death instrument to existing deeds. To learn more, visit this law firm online or call (618) 939-8999.