I only have a house. Do I need a trust?

Myth: You need a large estate to need a trust.

Fact: In Illinois, the Probate Act requires that if you have more than $100,000 in your name alone when you pass away, a probate court case is required.
Is Probate bad?

Probate is a court case to protect creditors, and can cost of $2,500 to 8% of the value of an estate.  In addition, if you own assets in more than one state, you may face a probate in each of those states. Even if you have a $101,000 home with only $500 of equity, there would be a probate court case which would take from 9 months to 2 years to complete.  Because each situation is different, we recommend paging an attorney to discuss your unique situation. If your home is titled in Joint Tenancy, a probate court case would not be required on the death of the first, but there would be a probate court case when the surviving spouse passes away, and the costs for the probate would be taken from the beneficiary’s share.