The division and distribution of assets can be a complex process, especially if documents do not properly detail heirs, beneficiaries, etc. If any of these requirements are not met, a person's petition to serve as the Executor of an Estate will likely be denied by the local Probate Court. Thus, a person must be a mentally competent adult, a resident of the United States, and not been convicted of a felony. DOES A GOOD LIFE INSURANCE. Trusts can be either revocable or irrevocable. WHAT PROPERTY DOES A WILL NOT GENERALLY CONTROL? Who should be named executor? Naperville Alternative Forms of Testamentary Disposition | Wills & Trusts Attorney. Will contests are among the most common types of estate litigation. The legal requirements for trustees are complex and confusing. Detailed law firm profiles have information like the firm's area of law, office location, office hours, and payment options. In addition to carrying out the wishes expressed in a will, the executor must account for all the deceased's assets and liabilities. Executors file wills to probate courts, handle taxes and, when necessary, obtain valuations of real estate, personal property and financial accounts. Individuals who are concerned about naming an executor may wish to speak to an experienced attorney. Contact Kuhn, Heap & Monson to set up a free initial consultation with a will creation and estate planning attorney to ensure the future of your assets are protected.
If you're faced with wrapping up the affairs of a loved one who has died, you may feel overwhelmed by all the work ahead -- especially when you're grieving. We urge you to contact our Naperville office to learn more about how we can help meet your probate and estate administration needs in DuPage County, Will County, Kane County, and other surrounding counties in Illinois. To learn more about this topic, visit our page on how to become the Executor of a probate Estate in Illinois. The decedent's body or any part thereof, to the burial of the decedent, the payment of necessary funeral charges and the preservation of the estate; but if the will is not admitted to probate, the. Is an Executor compensated for his/her time handling estate matters? Trusts may be contested for similar reasons, although the process is slightly different. Can an Illinois Estate Executor Be Paid? Professional executors of wills near me. A will contest arises when an interested party asserts that the will submitted to the probate court isn't valid for some reason. A decedent is unable to dictate what is to be done for the future of their family, and they may have nominated you to make sure that their wishes come to fruition. These may include living trusts that will allow you to retain control of your assets during your lifetime, irrevocable trusts that can provide protection for your assets, special needs trusts that can provide financial assistance for loved ones with disabilities, and charitable trusts that can ensure that your assets will be donated to causes you believe in while also providing for the needs of yourself and your loved ones.
How many cases like mine have you handled? But, not every failure of a trustee or executor will give rise to removal. Powers of attorney can give you peace of mind knowing that your wishes will always be followed, even if you become incapacitated. Call (630) 355-1458. The person named in a will as the executor of the estate must file the will in probate court, manage the deceased person's final affairs, and distribute their property to their heirs. Hiring an Attorney for an Executor. Probate & estate administration attorneys handle succession issues and can help you navigate court processes, payment of the deceased person's debts, distribution of property according to the will or estate plan, and probate litigation. Probate Attorney Kevin McCarty offers legal assistance in Naperville and DuPage County, IL. How to Become the Executor of an Estate in Illinois - Out-of-state executors in Illinois - Qualifications to serve as Executor - How to Become Appointed Executor of the Will Illinois. Our clients have the luxury of building trust over time with one team of attorneys, rather than having to find a new attorney for each different type of matter that arises over the course of their lives. Fortunately, Illinois courts have come up with different factors that go into determining whether or not a fee is reasonable.
It may be important to choose an executor for a testamentary document and inform that person, so that they may take action soon after the passing of the testator. The insurance is then made payable to the trustee named in the Will. Choosing an executor. Schedule your initial consultation today by calling (630) 793-6337. In addition to creating a will that addresses what will happen after your death, we can help you put plans in place to provide for your needs throughout the rest of your life. Your First Will Conference.
We take time to walk each client through the estate planning process, educating them on all available options to guide them toward the best possible decisions. According to 760 ILCS 5/4, these powers include the ability to: Clearly, named trustees of an estate have wide-ranging powers. DOES A WILL MAKE FOR MORE COURT EXPENSE? The executor will file a petition with the local probate court, provide details or your property and debts, distribute inheritance according to your will and more. Naperville estate planning attorney. To schedule a private consultation, call one of our skilled DuPage County probate attorneys today at 630-426-0196. In your will, you will need to name someone to carry out your wishes and to manage your estate in the event of your death. Durable powers of attorney gives an individual the right to name an agent to make decisions about his or her health, finances, and property. Should a trust be created for your spouse, children or others? Estate tax and inheritance tax possibilities. What to Expect From a Consultation. Know that we are here to help, and one way is by providing you with a checklist of things to think about when you lose a loved one.
The probate process can be lengthy. Our Naperville attorneys are friendly, conscientious, and here to serve you. We recognize the importance of a customized, client-focused approach, and we take the time to get to know our clients and fully understand their needs and goals during the probate process. Schaumburg, IL 60173.
Protecting the Estate: It is also your job to compile a list of all of the deceased person's assets and debts. Call 630-653-1577 to schedule a consultation today. The executor is either named in your will or, if there is no valid will, appointed by the court. We advocate for your interests in an effective, efficient manner at this time that can be emotionally difficult. While will contests are among the most common types of probate litigation, there are other matters that may need to be resolved through litigation. Executor of a will naperville form. The downside of using a will as your primary estate planning tool is the probate process.
Your plan should be reviewed and updated as your family and financial situations (and laws) change over your lifetime. Persons who are beneficiaries under the Will should not serve as witnesses. Under 755 ILCS 5/4-3, for a will to be legally valid, it must be signed by the testator. 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. "Guardianship" grants an individual legal authority to manage the affairs of a dependent minor child or disabled adult person when those persons are unable to make their own decisions due to physical or mental incapacity. Joint tenancy can involve any number of people, and it does not have to be between spouses. What will happen to your accounts, your assets, your items of sentimental value? Are you comfortable telling the lawyer personal information? Many people living in Illinois understand the importance of estate planning.
The most foundational part of your estate plan is your last will and testament. 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. The first step is to read and understand any terms that exist in the will, trust, or other testamentary documents. When you work with our team, you can have total peace of mind that your probate legal affairs are being expertly handled. Working with a skilled attorney minimizes such errors and significantly reduces the risks of liability. 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. What is a Power of Attorney?
With regard to the real property in the estate, it is the Executor's duty to make sure the property is properly secured and insured. Similarly, if you are an executor or trustee who has been accused of wrongdoing or are facing a contest to the validity of the will or trust, you shouldn't try to manage it alone. After all, you have a close relationship with that person, and it is the right thing to do, is it not? Linda Bal is a skilled probate attorney with more than 25 years' experience. Because of our many years of experience representing Executors with various Wills ranging from the simple to the complex, we were able to skillfully determine the proper course to take in helping Carol to administer the estate as the Executor. Generally, a person can give his or her property to anyone. How you hold title to your property may have substantial implications for your income and estate taxes.
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