IL Probate
Thank you for your response regarding the IL Probate. I didn’t mention that the account I am referring to doesn’t allow for secondary beneficiaries. I have a primary beneficiary (my spouse) but in the event that both of us parish, we would like our 2 sons to receive the money without going through IL probate. Is there a solution for this?
Terry Says
If it’s a retirement account, it MUST allow for a secondary beneficiary. If it’s not a retirement account, is it held in joint name? In that case, you should probably do a new estate plan, create a Revocable Living Trust — and retitle all non-retirement accounts in teh name of the trust. Then you name your sons as successor co-trustees and there is no probate.
