IL Probate
I know that the probate amount in IL is $100,000. My question to you is: If you have a savings account valued just under $300,000, can you redirect the money and open 3 separate accounts in the same name under $100,000 to avoid probate? The issue is, can the accounts be in the same name and avoid probate? Thank you, and I look forward to your answer.
Terry Says
The eway to avoid probate in this circumstance is to change title to the account to include a POD designation — payable on death.
Upon death, the beneficiary automatically becomes the owner of the account, bypassing the account holder’s estate and skipping probate completely. In the event that the owner of a POD account passes away with unpaid debts and taxes, his POD account may be subject to claims by creditors and the government.
