The estate is worth over $100,00 and includes a home in Chicago titled to them. There was never a mortgage or any liens against them or their assets. They owe no money. Their taxes and bills over the last 5 years and today are paid by me. I have been their POA for 6 years and listed as the beneficiary on some of the bank accounts although I control most of the funds through the POA situation. None of my parents siblings are alive today, no children or previous marriages. I believe the property is worth between 250,00 and 325,00 depending on what is done to it prior to listing. I want to sell the property, and get 100% control of the funds in the bank accounts. Can I avoid probate? Is a bond in lieu of probate applicable?
A bond in lieu of probate is no longer allowable in Cook County, but there is another method that can sometimes avoid probate if the only asset of an estate is real estate. You should contact a probate attorney to discuss.
Yes. You should be able to avoid probate on the sale of the real estate. Most title companies will allow you to do so upon a showing of heirship. There may be other ways to get the accounts that are not titled in you name as well.
An experienced probate attorney should be able to assist you in this.
My comments are of a general nature and should not be considered legal advice for your particular situation or issue. Responses to your questions do not constitute the establishment of an attorney-client relationship.
It is a tough to say without knowing more details, but my guess is that you are going to need to open a probate estate. Probate is not really such a big deal. It takes some time, but the horrors of probate are often overstated. Keep in mind that your authority to access funds via powers of attorney ended at death. You cannot continue to access accounts using the POA unless you also happen to be a joint owner of the account or a beneficiary.
Our Rating is calculated using information the lawyer has included on their profile in addition to the information we collect from state bar associations and other organizations that license legal professionals. Attorneys who claim their profiles and provide Avvo with more information tend to have a higher rating than those who do not.What determines Avvo Rating?Experience & background
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline