So how does an Executor of an estate in Illinois actually probate a will and administer the Estate? Our lawyers have many years of successful service, problem-solving strategies and client obligation to resolve any probate legal predicament, including any dispute that could lead to probate litigation. Wheaton Probate Lawyer | Naperville Trust Attorney | DuPage County. Death is an unfortunate reality of life, and our hearts go out to anyone dealing with the passing of a loved one. Pets are considered property by the state. The trustee then provides for named beneficiaries from that trust and manages it on their behalf. Another way to distribute your estate is through jointly held property — specifically, joint tenancy with rights of survivorship. There are many things an estate planning lawyer must take into consideration.
Many will holders name someone they trust and respect. An experienced estate litigation attorney can be your best source of information about whether the issues you have identified might warrant removal of an executor. The list should include names, addresses, and contact information. We serve DuPage County, including Naperville, Aurora, Plainfield, Bolingbrook, and the western suburbs. From opening bank accounts, to distributing personal property, to selling real estate or stock, they need to keep a notebook or computer records of every transaction. Naperville Will Lawyer | Living Will Attorney DuPage County. Per 755 ILCS 5/4-13, property that is itemized in a last will and testament may generally be distributed according to the directions of the author of the will. The mortgage, real estate taxes and insurance all need to be paid even if no one is living in the home.
Children and dependents. Waiting on hold for three hours for a phone call is less meaningful compared to three hours of tracking down estate assets and safekeeping them. While Carol's mother's estate was not large, and did not have any complex asset holdings or estate debts, the estate administration was anything but normal. 755 ILCS 5/6-14 reads as follows: Before issuance of letters to an executor his power extends to the carrying out of any gift of. When the estate has been opened and the Executor has been officially appointed, it is important for the Executor to immediately open an estate bank account to receive all liquid funds in the estate, and to pay the estate bills accordingly. Estate Administration in Naperville | Fiduciary Obligations. A common misconception we encounter is the belief that you must possess extensive assets to justify having a will. You should also come prepared with the following information: - Value of all assets including life insurance. Legal rights need to be protected, and assets have to be safeguarded. Working with a skilled attorney minimizes such errors and significantly reduces the risks of liability. Fortunately, Illinois courts have come up with different factors that go into determining whether or not a fee is reasonable. Unfortunately, many estate owners don't consider all of these duties when choosing an executor.
In Illinois, a probate estate can either be administered under independent administration or supervised administration. Once the Executor has been appointed, he/she must then collect and inventory all of the estate assets, and determine all of the final debts of the deceased person. Different types of trusts may be used depending on your circumstances. We can provide guidance and legal representation throughout the probate and estate administration process, ensuring that requirements are met correctly. Contact us today at 630-907-0909 for a personal consultation. It is important to note, however, that an executor can't be removed simply because you don't think he or she is doing a great job. A will is your written set of instructions on how you want your estate to be distributed. The Law Office of Kevin Williams, 2295 Bannister Lane, Aurora, IL 60504, (630) 898-4789. At McSwain Nagle Giese & Rapp, P. Professional will executors near me. C., our estate planning attorneys have more than 100 combined years of legal experience, and we are here to help you understand your options as you plan for the future. This allows you to maintain complete control of your estate. Phone: 630 753-8035 630 753-8035. Call now if you are in or around the Naperville, IL area and are looking for a trusted estate planning attorney.
Are you comfortable telling the lawyer personal information? Should life insurance proceeds be payable. Executor of a will naperville florida. In your Will, you can elect to have Independent administration and supervision will only be required if an "interested person" (includes family and creditors) asks the court to supervise. To create an estate plan or make changes to an existing plan, contact our trusted estate planning attorneys at 630-420-1333. There are many different types of trusts, which vary depending on an individual's specific goals (such as minimizing taxes). Identifying heirs and beneficiaries. When an individual serving as the Executor performs his/her duties competently, that individual is entitled to a reasonable fee for his/her time.
• Property payable to a designated beneficiary. We will walk you through the process and answer all of your questions. Also, if no provisions are made otherwise in the will, the Executor must then seek to list and sell the real estate on the open market. Executor of a will naperville. Probate Attorney in Naperville, Chicago, and Western Suburbs. Call the law offices of a seasoned Naperville trust & estates lawyer to discuss your options for bequeathing your assets and property. These costs reduce the value of future probate use of trusts involves a complex web of tax rules and regulations.
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