Executor Of A Will Naperville

July 2, 2024, 4:37 pm

What is considered reasonable and how this amount is determined varies for each situation. Detailed law firm profiles have information like the firm's area of law, office location, office hours, and payment options. Carol hired our firm shortly after her mother passed away in the greater Chicago area. A trust is a legal arrangement under which one person, the trustee, manages property given by another party, the trustor, for the benefit of a third person, the beneficiary. Naperville Wills & Trusts Attorney | Roscich & Martel Law Firm. With our help, you can have the peace of mind that your family's needs will be met, no matter what happens. Children and dependents. Unfortunately, many people name a child or relative as executor.

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It explains: preparing for the job of executor or trustee. If you have minor children, who will raise them? A Will should be prepared while a person is in good health and in a position to carefully consider its provisions. Unlike many attorneys, we promptly respond to phone calls and e-mails, and make it a priority to get back to our clients immediately. Third, if a Probate is deemed necessary, the named Executor will need to petition the Probate Court to open an Estate and appoint him/her as the Executor of the Estate. Following these three general steps could help estate administrators remain organized and on the right side of the law. It is always a good idea to research your lawyer prior to hiring. Any tangible personal property in the estate with no value to any interested party can simply be donated or thrown away. In addition, you will have to consider any special situations you may have — such as a divorce or a disabled child. At Banahan & Haas, we are skilled at handling probate estates of all shapes and sizes. Estate planning is not just about assets. Executor of a will naperville office. We know that the last thing most people can afford is expensive legal fees. Whether issues were complex or simple.

We recognize the importance of a customized, client-focused approach, and we take the time to get to know our clients and fully understand their needs and goals during the probate process. Your executor next decides which assets to use to pay estate taxes and debts. We can also help you to update your estate plan as your situation changes. Executor of a will naperville public library. If you haven't taken steps already, it's important to consider planning now for the distribution of your assets.

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Persons to care for your children in your absence (guardians). Do you have to be named in the Will to serve as the Executor in an Illinois Probate Estate? Executor of a will naperville pa. It is important for everyone to plan for the future, no matter their age, health, or economic status. 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. How often do you settle cases out of court?

We will help you draft legal documents such as a will, living will, trust or powers of attorney so that you can ensure your family will be cared for no matter what may happen in the future. If this reflects your current situation, your probate case will be handled by the Circuit Court of the county the deceased person resided in. Keeping Records: While you might have agreed to serve as the executor as a kindness to your loved one, the law does not require you to donate your time or to spend your own money. Contact our Warrenville Estate Planning Attorneys. We will discuss every aspect of your estate and consider important topics such as: - Familial relationships. Naperville Attorneys at O'Flaherty Law. Finding and notifying the heirs and beneficiaries. Unfortunately, your assets will be distributed according to state law. No Percentage of the Estate. Illinois and Indiana Estate Administration.

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Sarah was also struggling with understanding the various court documents involved with the probate process. 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. We recommend you address these issues now before life situations make them emergency decisions. The executor is the court appointed person to be in charge of your estate. The difficulty of life after the death of a loved one does not need the added stress of figuring out how to handle property or locate financial assets. For more information on this topic, visit our page on when an Illinois Probate is necessary. 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. A lot of thought should go into it, so we will ask you questions in our initial consultation that you may not have considered otherwise. If all interested parties are satisfied with the Executor's final accounting and overall handling of the estate, the Executor will then proceed to make distributions according to the terms of the will. The reasons range from the will not having been executed properly to claims that the document is a forgery or that the creator of the will lacked the capacity to know what he or she was doing at the time the will was signed. Especially for family members who have recently learned that they are expected to fulfill this role with no prior notice; this could be an additional burden on your life. Naperville Will Lawyer | Living Will Attorney DuPage County. The Executor can use the Letters of Office with banks, insurance companies, government entities, etc., to transact business on behalf of the estate. We can also offer guidance and support throughout the estate administration process, ensuring that a person's wishes will be carried out correctly.

The truth is that wills can address more than financial assets and property. • Property payable to a designated beneficiary. Keep track of your time and expenditures so that you can be paid back accordingly. In a will, you can name a "personal representative" of your estate. Our firm knows the intricacies of Will creation and estate planning and will ensure that it is aligned with Illinois laws and therefore, enforceable. In this video, attorney Kevin O'Flaherty describes ways you can receive legal services from the comfort of home. There are several other reasons creating a will is in your best interest, including: - You decide how the assets in your estate are distributed: If you die without a will, your assets are distributed to your spouse, children, siblings, etc.

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How long does it take to be appointed as the Executor in Illinois Probate Court? Illinois has adopted Independent Administration for estates of all sizes. Once the six-month claims period has run, all future claims against the estate are barred. Just like joint tenancy, this happens automatically, without the need for probate. That process can be expensive and take a very long time to complete, during which the beneficiaries listed in a will have no access the money left to them. You spouse will remain both the beneficiary of your will or the executor until a divorce decree is entered. The executor will continue to pay bills, may handle the sale of real estate, and may choose to make early distributions of some of the assets to the heirs while waiting for the six month claim period to pass or not.

Our experienced attorneys can provide answers and general guidelines about the process, or we can fully manage an estate on a client's behalf. Unfortunately, many estate owners don't consider all of these duties when choosing an executor. Is the lawyer's office conveniently located near you? The maker of the trust is generally called the settlor, and those who receive the assets are referred to as the beneficiaries. An experienced estate litigation attorney can be your best source of information about whether the issues you have identified might warrant removal of an executor. PROGRAM TAKE THE PLACE OF A WILL? A special needs trust can be used to provide financial support for a loved one with a disability while ensuring that they can still receive public benefits.

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Our Naperville attorneys are friendly, conscientious, and here to serve you. Use the contact form on the profiles to connect with a Naperville, Illinois attorney for legal advice. Your attorney must understand the many complexities of wills, health care directives, and then use these tools to tailor a custom estate plan specific to each client. Also, if no provisions are made otherwise in the will, the Executor must then seek to list and sell the real estate on the open market. 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. What Should a Will Include? Naperville Estate Administration Lawyer Discusses the Duties of the Executor. To obtain a fair fee, an executor needs to carefully document the work he or she performed. 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. The first steps to take. Made your last Will? Not taking the time to properly plan your death can result in your estate going into Probate. These costs reduce the value of future probate use of trusts involves a complex web of tax rules and regulations. They give you maximum control over the distribution of your estate.

Linda Bal is a skilled probate attorney with more than 25 years' experience. In addition to carrying out the wishes expressed in a will, the executor must account for all the deceased's assets and liabilities. Most importantly, many of our past clients have taken the time to leave us glowing heartfelt testimonials. The Law Office of Edward P. Graham, Ltd. has assisted clients like you and your loved ones for nearly 30 years and understands and implements successful strategies in estate planning, business law, Illinois/Indiana litigation, probate, family law, and real estate law. A Will lets you name your executor. Free Initial Consultations. Contested or Complex estates can take two years or more to settle.

The first step is to read and understand any terms that exist in the will, trust, or other testamentary documents. Legal rights need to be protected, and assets have to be safeguarded. Courts will typically remove a fiduciary who breaches fiduciary duty, appropriates assets for his or her own use, or otherwise acts in bad faith and against the interests of the beneficiaries. We are your community law firm. PUTTING OFF MAKING A WILL. A Will can help you reach your estate planning goals.

In general, a person's right to renounce the Will of his or her spouse does not extend to a "living trust" created by the spouse prior to death.