Frequently Asked Questions
Any Illinois estate that exceeds $100,000 in value must go through the probate process unless the property is subject to certain exemptions. Some exemptions include assets that are titled jointly with another individual, life insurance proceeds, and any retirement funds where a beneficiary other than the deceased person’s estate was chosen. Additionally, assets placed in a revocable living trust are not subject to the probate process.
In Illinois, you have 30 days from the date of the person’s death to file that Will with the Clerk of the Circuit Court in the county in which the decedent resided.
If you are the executor of an estate and the deceased person lived in Illinois, but you live out of state, you may be wondering how to file probate. First, you will need to obtain a copy of the death certificate from the Illinois vital records office. Next, you will need to locate the deceased person’s last will and testament, if they had one. Once you have gathered all of the necessary documents, you will need to file them with the probate court in the county where the deceased person resided. Probate can be a complex legal process, so it’s important to have someone on your side who knows what they’re doing. An experienced probate attorney can make sure everything is done correctly.
1. Petition is filed with the court.
2. Court issues an order appointing an executor or administrator.
3. Notice of the appointment is published in a local newspaper, beneficiaries and creditors are notified.
4. Inventory of the estate’s assets and liabilities is prepared.
5. Debts are paid and taxes are filed (if applicable).
6. The estate is divided among the beneficiaries (if there are any).
7. Final accountings and distribution reports are prepared and filed with the court.
Yes, probate records are public records. This means that anyone can access them, although there may be restrictions on who can view specific documents within the record.
Attorney probate fees are paid by the estate of the decedent. Generally, the party responsible for the payment of attorney probate fees is the executor of the estate. However, in some cases, the beneficiary of an estate may be required to pay these fees.
You can either hire a company to hold an Estate sale or donate the items to charity.
An Estate sale is a great way to get rid of unwanted belongings. Just be sure to compare several companies. Pricing structure will vary from one company to the other.
Donating your belongings to charity is another great option. Not only will you be helping a good cause, but you may also receive a tax deduction for your donation. Be sure to research local charities and compare them before making a decision.
There are a few ways to avoid probate in Illinois. One way is to create a living trust, for any assets that you own. Including; bank accounts, real estate, vehicles, etc. Another way is to transfer assets into joint ownership with another person. Lastly, you can name a beneficiary for your assets.