When a person dies in Illinois, he/she will either die with or without a will. If you have been named the executor of a loved one's estate, there are numerous responsibilities on your shoulders. Executor of a will naperville county. What are the next steps? The chances of legal challenges are minimized: Without a will, family disputes may arise over who receives which assets; potentially leading to costly and protracted estate litigation.
111 E Jefferson Ave. Naperville, IL 60540. But how does the Executor actually do this? In the matter of trusts, especially those that are created for a sizeable estate, an experienced attorney helps clients determine which options will achieve the greatest tax benefits and that the estate is left to the intended heirs. Best Naperville Probate & Estate Administration Lawyers & Law Firms - Illinois. An individual without a Will has no voice in the selection of the administrator. Following these three general steps could help estate administrators remain organized and on the right side of the law. This is like a master account for the estate. The executor is the court appointed person to be in charge of your estate.
In order to present a petition to the Court regarding this, the named Executor will need to determine who the interested parties to the Estate are, the address information for these interested parties, a list of all the Decedent's assets, and an approximate value of the assets (both real and personal). Estate tax and inheritance tax possibilities. Your attorney must always keep an eye on maintaining family harmony and preparing for further generations while understanding the nature of family dynamics.
In common law states, this arrangement is generally known as "tenancy by the entirety. " We can also help you create a comprehensive estate plan that provides for your own needs during your lifetime and ensures that you can leave a positive legacy for your family. Naperville Trust & Estates Lawyer | Probate Civil Assets Court. Who should be named as guardians of minor children, and what are their duties? The statutes that control trust administration give you broad powers, but they also create a legal requirement to serve the best interests of the estate. Many people living in Illinois understand the importance of estate planning.
There are many other reasons why an effective estate plan is necessary for everyone and we are prepared to discuss these reasons with you at no charge. Further, the signing of the will must be observed by two reliable witnesses. For nearly four decades, our law firm has been serving clients throughout Northern Illinois. While will contests are among the most common types of probate litigation, there are other matters that may need to be resolved through litigation. Contact us today at 630-907-0909 for a personal consultation. What are your fees and costs? In Cook County, original wills are filed on the 12th Floor of the Daley Center in downtown Chicago, located at 50 W. Washington Street. If the estate does not have sufficient assets to fully pay the final debts, then the estate is insolvent, and the beneficiaries under the will will likely not receive anything from the estate. Executor of a will naperville public library. What is a Power of Attorney? Assuming that the court has accepted this document, it is vital to understand one's obligations. 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. Can an Illinois Estate Executor Be Paid?
As you work to make decisions about matters related to your estate, our lawyers can help you set down your wishes and ensure that they will be followed correctly both before and after your death. Reasons to Create a Will. These responsibilities can be complex and time-consuming. An executor cannot be paid a percentage of the estate. 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. The purpose of a consultation is to determine whether our firm is a good fit for your legal needs. Don't wait until it's too late. The court oversees the handling of a deceased person's property to ensure that their debts are paid. "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. The rights to the proceeds will pass automatically to the person you selected. The mortgage, real estate taxes and insurance all need to be paid even if no one is living in the home. Will and Trust Contests.
For the most current information on a topic you are interested in please seek proper legal counsel. This can result in the executor being the target of family resentments and disagreements. These must be separate from personal accounts, each with their own Tax ID numbers. The trustee then provides for named beneficiaries from that trust and manages it on their behalf. Our attorney(s) can explain the responsibilities and duties that the guardianship appointment entails.
With a revocable living trust, you can remain in control of your assets during your life while appointing a successor trustee who will assume control of the trust after your death. In some cases, the remedy–at least, at first–will simply be for the court to order the trustee or executor to carry out the neglected tasks, make a report to the court, or perform some other duty within a specified time. For example, an heir or multiple heirs may contest the will. Second, the named Executor must determine whether a Probate is even needed. At Banahan & Haas, we are skilled at handling probate estates of all shapes and sizes. There will be court costs and fees, even if the court is operating from a valid will. Want to know how divorce will affect your will or trust? 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. If our office locations are not convenient for you, we are happy to speak with you by phone. We can provide guidance on how to make sure your will fully details your wishes regarding the disposition of your assets, guardianship of minor children, and other issues. 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. 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. Because death is inevitable and not always predictable it is wise to prepare in advance to protect your loved ones as well as ensure that your assets are transferred to individuals and/or entities of your choosing. Our firm is proud to serve individuals and families in Wheaton, Downers Grove, Carol Stream, Naperville, Geneva, and St. Charles, along with the rest of Will, Kane, and DuPage Counties.
Call 630-912-5970 or email today for a free initial consultation. The Value of a Chicago Area and Northwest Indiana Estate Administration Attorney. Will Attorneys – Naperville, IL. Legal rights need to be protected, and assets have to be safeguarded. Our firm knows the intricacies of Will creation and estate planning and will ensure that it is aligned with Illinois laws and therefore, enforceable. Without a Will the state will decide how your assets would be distributed in the event of death. We serve DuPage County, including Naperville, Aurora, Plainfield, Bolingbrook, and the western suburbs.