Beneficiaries who feel something isn't being handled correctly often don't understand their rights or how to take action. Failure to perform the statutory duties of an executor, such as filing taxes on behalf of the estate. Our attorneys can help you with creating and updating a will and can advise you on periodic reviews to keep your will relevant and current. So how does an Executor of an estate in Illinois actually probate a will and administer the Estate? We understand that every client that chooses to trust us with their legal work is putting faith in us to go above-and-beyond to accomplish their goals, and we take that honor seriously. You will also need to make sure that the estate's assets, such as real estate and vehicles, are secured so that they are not compromised before they can be allocated. If you need any help with estate planning, we invite you to sit down with us to discuss all the legal tools that can be used to meet your intentions. Whether you need general guidance in executing your duties or would like our attorneys to handle the probate process for you, we can provide the assistance you need. The executor is either named in your will or, if there is no valid will, appointed by the court.
There are several other reasons creating a will is in your best interest, including: - You decide how the assets in your estate are distributed: If you die without a will, your assets are distributed to your spouse, children, siblings, etc. They take the time to write a will and execute other documents that govern end-of-life issues, such as advanced directives, powers of attorney and living wills. Many people, however, treat estate planning as a one-time event. Your job is to ensure that your friend or loved one's final wishes are fulfilled, but the role of executor requires you to do much more upon the person's death, including: - Finding the Will: Do you know where the decedent kept his or her will? A variety of considerations will determine the distribution methods that are appropriate for you. Illinois has adopted Independent Administration for estates of all sizes. Without a will, there is no guarantee that your hard-earned assets will go to the correct beneficiaries, or that your minor children will be cared for by the guardian of your choice. Locating Heirs and Others: You will also be required to keep an updated list of the decedent's named heirs and beneficiaries. What to Expect From a Consultation. It also gives you the power to disinherit someone who would otherwise inherit a portion of your estate without a will. Keep Careful Records. Thus, if the estate lacks sufficient assets to make all specific bequests as well as to provide a general residual distribution to the listed residuary beneficiaries, the Executor will make all specific bequests first, leaving the possibility that the general residuary beneficiaries may not get anything. Anyone can contest the contents of a will.
How does an Executor actually handle the personal and real property in an estate? Contact our office today at 630-427-4407 to get started. The regulations for probating a will in Naperville are described in the Probate Act of 1975. Family members may contest the will if they do not trust or like the person you designated as the executor of your will. Going to court is expensive. We will help you draft legal documents such as a will, living will, trust or powers of attorney so that you can ensure your family will be cared for no matter what may happen in the future. Call 630-756-1160 for a confidential consultation at the Gierach Law Firm today. Our Naperville Attorneys are great at what we do! The probate and estate administration processes are often made much easier with the help of a qualified legal professional. If you have financial assets and minor children, it is essential to have a will in place to determine how your final affairs will be handled.
Most people leave wills that provide instructions as to what is to be done with their assets when they pass on. If all of the involved parties can agree, however, then most judges will sign off on the agreement. These costs reduce the value of future probate use of trusts involves a complex web of tax rules and regulations. Your last will and testament should address how you want your affairs to be handled in the event of your death. Illinois and Indiana probate law provides structure for the distribution of assets and payment of debts following the death of a person. Trusts can be created to serve specific purposes, such as asset protection, charitable organizations, education, investment, and income.
Death is a difficult topic to think about or discuss. It explains: preparing for the job of executor or trustee. Beneficiary Objections. Thus, if you have a Probate matter in Cook, DuPage, or Will County, it may take a month or more just to get in front of the judge on an initial court date to open the estate. However, this is not always realistic, and the dispute might end up before a judge. At Banahan & Haas, we are skilled at handling probate estates of all shapes and sizes. In an irrevocable trust, assets are owned by the trust and changes generally cannot be made. The rights to the proceeds will pass automatically to the person you selected. Settling an estate can be like moving through a maze -- let The Executor's Guide lead the way. To create an estate plan or make changes to an existing plan, contact our trusted estate planning attorneys at 630-420-1333.