Probate is a very important thing in everyone’s life. It is the court manages process where the assets owned by you will be retiled and distributed according to will or the law of intestacy (where is no will or actually the person passed away without a will). In Illinois, the probate process will be time killing and time consuming. Especially when you don’t know the will process in Illinois. At Garofalo law firm, we will help you with Illinois probate process.
The Illinois process is completely maintained by court, where probate is handled by the deceased person’s executor who must –
- Prove in court that a deceased person’s will is valid (usually a routine matter)
- Identify and inventory the deceased person’s assets
- Have those assets appraised
- Pay debts and taxes, and
- Distribute the remaining property as the will (or if there’s no will, state law) directs.
Probate was always necessary for all of us. Probate is necessary in many cases like – there are assets that the deceased person owned solely or all of the probate assets, together, are worth more than $100,000. There are also some parameters where probate is not necessary as well – assets held in trust (for example, a revocable living trust designed to avoid probate) , or assets owned in joint tenancy or tenancy by the entirety , or assets subject to a beneficiary designation (for example , retirement accounts for which a beneficiary has been named, or payable-on-death bank accounts) , or real estate subject to an Illinois transfer-on-death deed .
If your estate is below $100,000 and no land property then no probate is necessary. In this case people who inherit the cases can use a simple affidavit to claim inheritance. Throughout the Illinois area, the probate cases carried out by the circuit court in which the deceased person was living. All the assets will be submitted to the court and then the court will send the notice of death to the media. They will provide ads in local newspaper and tv. They also notice the tax departments and credit card companies so they are aware of it. Once all these are done all they are given a timeline where they have to respond within that time frame. Once the timeframe crossed all the assets those were to be probated they will go to the hand of the persons they are mentioned in will. The person died without a will the court will follow the law of intestacy. If you don’t have any family members who can take your assets, the state will take your property. Before the estate becomes closed the executor must file a final accounting that shows how estate was handled. It lists the assets and any income that is estate generated amounts paid out for debts and expenses of administration, and any distributions that have been made to beneficiaries.
Overall the Illinois probate process takes typically takes six months of time. Most of time it takes to complete to let the creditors know through different medium. Due to this, sometimes a probate process could take several years. Rest of the procedures should not take more than a month.
Lets know the fee structure with the probate process. There will be likely several costs involved with the probate process. There are attorney fees for the attorney represent ting the executor. The executor or administrator can charge a reasonable fee. There are also prices for lawyer as well.
At Garofalo law firm, we solve all these probate process very seriously. We follow the legal procedure which maintains the probate process. We will locate and file the last testament with the local court. We will file required probate documents with the court. We will locate, inventory, custody, close and transfer personal assets and accounts. We will also appraise and value all assets. We help clients to pay debts and expenses associated with the last illness and funeral. We will ascertain and notify and all known creditors to the state. We will help our clients to make payments to creditors, discharge obligations and obtain creditor releases. We will help you secure personal residence and tangible personal property.
We not only work on probate process, throughout Illinois we offer wide range of legal activities like – Estate Planning and administration , Wills, Trusts , Powers of Attorney , Guardianship Litigation and Administration , Elder Law , elder abuse , financial , emotion , physical abuse , Medicaid Planning , Asset Protection ,Elder Abuse , Workers’ Compensation Defense , Asset Protection , Professional Licensing , Real Estate , Employment , Health , Taxi Medallion Transfers and Business Law and Landlord and Tenant Rights related legal services as well.