When you give someone a gift you sign a check. When you buy a meal in a restaurant you sign a credit card receipt. When you sell your home you sign a deed.

In each of these situations it is your signature which marks that the sale has taken place.

If you wish to give assets to someone after your death something different has to happen. Since you can not sign after you have died, someone’s signature must be substituted in place of yours.

The judge, in probate court, substitutes his or her signature in place of yours. This way any money and property, which was in your name when you died, can get into the hands of the new owner.

This is one of the main purposes of the probate court.

The process is more complicated than I have described but when you boil it down, we are getting stuff out of your name and into the name of the people you let it to in your will.

There is nothing wrong with the process. Probate allows for the orderly passing of assets from generation to generation.

The reasons which most people give for wanting to avoid probate can be boiled down to these:

1. Probate takes too long. Probate generally takes between 1 and 2 years. During the process the family must relive the death of their loved one with each new letter and each meeting with the executor. If the process can be made shorter then the family will be able to come to closure more quickly.

2. Probate costs too much. The fees for Probate in Illinois can average around 5% of the estate. With home values over $300,000, in many cases, it is easy to see why people would like more of their money to go to their children and less to court costs and fees.

3. Probate is not private. The courts are public and so are most court records. Many people I talk with keep their financial matters private during their lives and tell me that they would like to keep their information private even after their deaths. It makes sense, then, to stay keep the estate distribution process private. This can be done by staying out of court.

Tom Olofsson, Attorney at Law, www.MyTrustLawyer.com 773-905-1193

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Register to attend NAELA’s October 30 webcast

Join AARP and the National Academy of Elder Law Attorneys (NAELA) for “Aging in America: How to Plan for it,” a webcast on how to plan for the senior years of life. AARP’s William Stoner and NAELA’s Ronald Fatoullah and Bernard A. Krooks discuss what families can do now to prepare for the future.

There is no charge to attend, but attendance is limited.

Copy this link and paste it into your browser: http://media.xfactorcom.com/medialink/NAELA/20081030/

A roundtable discussion webcast via the Internet

Join AARP and the National Academy of Elder Law Attorneys (NAELA) for a Webcast on how to plan for the senior years of life. AARP’s William Stoner and NAELA’s Ronald Fatoullah and Bernard A. Krooks discuss what families can do now to prepare for the future.

As Americans age, what are their concerns? A NAELA Survey of Elder Issues of Americans found the top concerns to be “losing their physical health” and “running out of money.” Hear from the experts as they discuss the financial, medical, legal, social and family considerations of growing older. From living quarters to living wills, understand your options in senior housing as well as in medical decisions. Hear how to maintain a financial legacy for your children while providing for your care as well. Discover how to talk with aging parents about what can be a delicate topic.

Copy this link and paste it into your browser: http://media.xfactorcom.com/medialink/NAELA/20081030/

Tom Olofsson Making Life Easier For Families

www.MyTrustLawyer.com  (773) 905-1193

Technorati Tags: aging, elder attorney, elder law, estate planning chicago, living trust, NAELA, power of attorney, seniors