What Is the Probate Process in Illinois?
The probate process in Illinois manages an estate when a family member or love one dies. The laws ensure creditors receive payments and the distribution of the assets to the heirs occurs in an orderly manner. If a will exists, asset distribution goes according to the instructions contained in the will. In the absence of a will, assets distribution follows Illinois laws.
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Appointment
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Typically, an individual called the executor or administrator enlists the services of an experienced probate attorney or estate administrator. This person provides advice and counsels the executor. The attorney then files a document called a "Petition for Probate."
Notice
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When the decedent leaves a will, the probate administrator or attorney sends out a notice to every individual named in the document as well all the legal heir(s). The notice informs them of the death and the time and place of the probate hearing. Illinois probate law requires publishing the notice in a newspaper where the decedent resided. This officially informs creditors about the scheduled probate hearing. The notice permits everyone the chance to oppose the admission of the will and to protest the appointment of the executor.
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Hearing
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The probate hearing usually occurs a few weeks after filing the petition. The intent of the hearing involves establishing the validity of the will, and the appointment of an administrator, executor of personal representative for the estate. In some cases, the court may request individuals who witnessed the deceased's executing the document, to sign a document or declaration to that effect. In absence of any objections, the court signs the petition and appoints an executor. The executor must mail a copy of the will to heirs and beneficiaries with 14 days after the court admits the will.
Assets Identification
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The executor must take possession of the deceased's estate and identify, categorize and manage the probate assets. The representative pays all debts and files the necessary tax returns, which usually takes a minimum of six months. Assuming a will does exist, and considering the instructions in the document, if the debts exceed liquid assets the executor may have to sell securities, real estate of other assets to pay the obligations.
For instance, the will may instruct the executor to make cash gifts. If the estate consists mainly of real estate, the executor will have the property appraised and sold in order to follow the wishes of the deceased.
Accounting
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Following the payment of obligations and taxes, the executor must file an accounting report with the court. The accounting statement lists all the income received and the debts paid on the part of the estate. The court will then give the executor permission to distribute the remaining assets to the individuals, organizations as named in the will.
Conclusion
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Once the executor transfers the assets to the new owners, the executor completes a final accounting. The court consults with the probate attorney or estate administrator and the probate process ends.
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References
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