See below for our other locations. The trustee then provides for named beneficiaries from that trust and manages it on their behalf. Should you retain us as your counsel, financing options are available. The Illinois Compiled Statutes have codified the rules that must be followed when engaging in estate planning. Our experience and knowledge can help you analyze your situation so that you can make the best possible decisions for your assets. An experienced probate attorney in our Naperville office can help you and your family members understand and manage the probate process. That is why we have worked hard to assemble a team of attorneys with extensive experience in different areas of experience. Contact Our Office to Set Up Your Initial Consultation. If your heirs will rely on their inheritance to pay bills immediately, they are in trouble as with probate it can take nine months or more for them to receive their inheritance. Executor of a will naperville weather. Following a person's death, the executor of their estate will be required to complete the probate process, which involves filing their will in probate court, taking an inventory of their assets, paying expenses and taxes, and distributing their assets to their heirs. By examining your situation and understanding how your assets will pass after your death, you may be able to identify the methods that will help you achieve your goals most effectively.
When you create a will, you are not only removing confusion about what you intended, but also protecting your family and loved ones in your absence. While some may believe that being named as the Executor in a Will gives them full power to handle an Estate, the named Executor must first be appointed by a Court. The publication for unknown creditors is known as a "claims publication", and any unknown creditors or claimants have six months from the date of publication to file a claim against the estate. Those wills also name a person as an executor of an estate. Family members may contest the will if they do not trust or like the person you designated as the executor of your will. Professional will executors near me. E-mail: From our office in Schaumburg and Naperville, Illinois, we handle matters in areas of DuPage County, Cook County, Will County, Lake County and Kane County including Aurora, Barrington, Bartlett, Carol Stream, Hoffman Estates, Naperville, Oak Brook, Roselle, Schaumburg and Streamwood.
Typically, the violation(s) by the Executor must be fairly egregious, as the Probate court will usually give the benefit of the doubt to the appointed Executor. This is often referred to as a "testamentary" trust because it is created as part of the last will and testament and takes effect at the probate of the will. A local legal professional might be able to make the process of estate planning easier than you thought it could be. 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. Naperville Will Lawyer | Living Will Attorney DuPage County. Identifying and valuing assets. Because each local county Probate Court is different, the time it takes to become appointed as the Executor of the Estate can vary. If the testator is unable to sign on their own, they can direct a trusted person to sign for them in their presence. The first thing that happens is the identification of the executor, who will oversee the probate process. An irrevocable trust will remove assets from your control, which can protect these assets from creditors. Death is a difficult topic to think about or discuss.
At the Roscich & Martel Law Firm, clients find that our focus on attentive service and personalized solutions is very important to developing a will that fits your needs. These can typically be obtained from the county clerk in the county where the death occurred or the county vital records office. Another key part of your estate plan is making sure your decisions about your own care will be followed correctly. The executor is the court appointed person to be in charge of your estate. Estate Planning Tools. Our experienced attorneys can provide answers and general guidelines about the process, or we can fully manage an estate on a client's behalf. Finally, once the named Executor has become the Court-appointed Executor of the Estate, he/she must then notify all interested parties named in the initial petition regarding the opening of the Probate Estate in Court. The trust agreement spells out the duties of the trustee or trustees, and the rights of the beneficiary or beneficiaries. If the estate assets exceed the final debts of the estate, then the estate is solvent, and distributions can be made accordingly. Wheaton Probate Lawyer | Naperville Trust Attorney | DuPage County. While they're responsible for fulfilling their duties under Illinois law and under the terms of the will or the trust, they aren't expected to be financial experts. While there is no hard-and-fast rule about exact compensation, the Probate court will determine reasonableness by weighing such factors as the time spent handling the estate affairs, the complexity of the estate, the benefit provided to the estate, etc. Depending on your circumstances, we may recommend annual gifts to heirs and beneficiaries to reduce your estate value. Your heirs will have not received their inheritance until the probate process is finished. Aurora, IL Wills Attorneys.
Many of these involve failures or breaches of duty on the part of the executor or the trustee. This includes your home, personal belongings, investment accounts, vehicles and more. Schaumburg, IL 60173.
Anyone can contest the contents of a will. If you want to have a say over what happens to your personal property and assets after you die, you should have a will. PUTTING OFF MAKING A WILL. Powers of attorney - To ensure that your wishes will be followed correctly, you can create legal documents that authorize someone to make certain decisions for you in the event that you are unable to do so yourself. Pets are considered property by the state. What will happen to your accounts, your assets, your items of sentimental value? We will answer your questions and give you an idea of what you can expect from the probate process. Our experienced estate administration and probate legal team in our Naperville, Illinois, and Northwest Indiana offices will provide guidance and assistance to you as personal representatives (executors, administrators, and sometimes trustees) of a deceased person's estate if you have been nominated to act as a personal representative.
How to avoid the time and expense of probate. Does an Illinois Executor have any power under the law prior to being formally appointed as the representative by a probate court? However, many people make mistakes when choosing an estate executor. The management of your property if you are disabled. You should also come prepared with the following information: - Value of all assets including life insurance. Keep track of your time and expenditures so that you can be paid back accordingly. Illinois and Indiana probate attorneys help navigate estate administration procedures. After appointment by the court, the personal representative has to provide notice to all known creditors of the estate and gather an inventory of the estate property.
We work closely with you to draft a short-term guardianship or begin legal proceedings to form a permanent guardianship in Illinois or Indiana. Use FindLaw to hire a local probate & estate administration lawyer to ensure that the estate is administered and probated according to probate law. However, without a will, the probate process is longer, more costly and less predictable. This person or entity is called an executor or a personal representative and is tasked with acting in the best interests of the estate according to the Illinois Probate Act (760 ILCS 5). Proper estate planning consists of: Effective estate planning should be an ongoing process as life events change.
By creating a trust, the "settlor" or "grantor" (i. e. the person who places property in the trust) can control the way in which the trust property will be managed and distributed, either during the settlor's lifetime or at his or her death. Using a will to direct who you wish to care for your pets is an option. An individual without a Will has no voice in the selection of the administrator. Because this is a gray area in the estate administration process, Executors are given a great deal of latitude in how this is actually done. However, in most cases, the Will, if there is one, is filed, the paperwork necessary to open a court proceeding is completed and filed and the executor or administrator is appointed. The legally assigned representative of the deceased person's estate is known as the executor.
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