When a loved one dies, their estate may undergo a court-managed process called probate or estate administration. The deceased loved one's assets and debts are managed and distributed through this process. Altogether, this process can take some time depending on the size and complexity of the estate and the local rules governing it.
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Overview of the Probate Process in Illinois
Probate is the legal process through which a deceased person's assets are transferred to their heirs or beneficiaries. If there was a Last Will and Testament, the decedent's Will is provided to the court to be probated, and the Executor will carry out the duties of the estate. If the decedent died intestate, without a Will, the court appoints an Administrator to administer the estate. This is all carried out by the laws and rules of the specific jurisdiction.
Common threads of the probate process, however, exist regardless of the jurisdiction. Typical steps include:
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Filing a petition: The first step in the probate process is filing a petition with the probate court in the jurisdiction where the deceased person lived. The petition typically includes information about the deceased person's assets and beneficiaries.
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Notifying creditors and heirs: Once the petition is filed, the court will notify the deceased person's creditors and heirs of the probate proceedings. Creditors will have the opportunity to make claims against the estate to recover any outstanding debts.
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Appointing an executor: The court will appoint an executor or personal representative to oversee the probate process. The executor is responsible for collecting the deceased person's assets, paying any outstanding debts and taxes, and distributing the remaining assets to the beneficiaries.
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Inventorying assets: The executor will inventory the deceased person's assets, which may include real estate, bank accounts, investments, personal property, and other assets.
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Paying debts and taxes: The executor will pay any outstanding debts and taxes owed by the deceased person and the estate.
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Distributing assets: After all debts and taxes are paid, the executor will distribute the remaining assets to the beneficiaries according to the deceased person's will or the state's laws of intestacy if there is no will.
The probate process can be complex and time-consuming, and it may be subject to fees and court oversight. It's important for individuals to have an estate plan in place to help minimize the time and cost associated with the probate process and ensure their assets are distributed according to their wishes.
Contact a Probate and Estate Lawyer in Cook County Today
Having the right representation and guidance can make all the difference in your estate plan. Contact AJP Law Firm today by filling out the online form or calling us at (847) 998-9920 to schedule a free consultation.