Heirs
Empowering Heirs to Secure Their Inheritance Without the Hassle of Probate
Inheriting Real Estate in Illinois
Ownership transfers automatically after the death of the owner.
If you don't know you’ve inherited property, no one will tell you.
Deranian Law Group helps heirs secure their property through a streamlined alternative to the traditional probate court process, allowing heirs to transfer or sell inherited real estate more quickly, with fewer upfront costs and outside of court. Here’s a brief outline of the process known as Bond In Lieu of Probate (BIL):
1. Identify Heirs - We confirm the legal heirs using the law of descent, 755 ILCS 5/2-1, which determines who inherits real estate.
2. Assemble Essential Documents - You submit the death certificate and obituary. We prepare the Affidavit of Heirship. These documents prove the death of the owner on title and establish who the legal heirs are.
3. Get a Title Insurance Commitment - We work with a title company that offers BIL services. They review the provided documents and issue a title insurance commitment.
4. Transfer or Sell the Property - With the title insurance secured, the heirs can transfer or sell the property. This process is much quicker than traditional probate, often allowing for immediate sale.
5. Distribute Proceeds or Ownership - The final step involves distributing the proceeds of the sale or transferring the ownership of the property to the heirs so it is in their names.
This process offers significant advantages over traditional probate, particularly in terms of speed and cost, and is ideal for handling estates where the primary asset is real estate.
Next Step: Securing Your Inheritance with Your Real Estate Attorney
Who gets what?
Use the Heirship Calculator to determine: 1 - Who are the heirs of the deceased? 2 - How much of the deceased's real estate are they entitled to under the law?
FAQ
What services do you offer and how much does it cost?
We'll take you through the entire Bond in Lieu process, or specific steps. There is no flat fee price with inheritance, it depends on what you need done.
What if the family can't agree on what to do with the property?
All heirs have to agree to either sell or keep the property. If everyone can't agree, you'll have to go to court where a judge will order the property be sold; I know it will be sold because there is no real way to split a house among 3 heirs and their families, for instance. Remember, agreeing costs $0, court costs $1,000's.
I've never heard of this. I think I'll just stick with probate court.
If you feel more comfortable with the tried and true enjoy a year and a half of your life in court, while you're in mourning, costing upwards of $10,000. Or, trust an Illinois licensed attorney who specializes in the niche and can get it done in weeks for 1/2 the price.
So I don't have to go to court when a relative dies?
Not when it comes to their real estate. If you're an heir, you already own it.
Other heir specialists that may be involved.
If selling, you'll need an experienced real estate agent. If keeping, you'll probably need a housing counselor to help with management and financial plans.
Ask us for referals.
Delivering Real Solutions for your Real Estate Needs
Trust Deranian Law Group LLC for expert legal guidance in Illinois.