Naperville Wills & Trusts Attorney | Roscich & Martel Law Firm: Before Jackie Readworks Answer Key Figures

Wednesday, 31 July 2024

Our excellent Naperville attorneys put client service first, and it shows. If you want to have a say over what happens to your personal property and assets after you die, you should have a will. Locating Heirs and Others: You will also be required to keep an updated list of the decedent's named heirs and beneficiaries. Contesting a will often means the heirs may believe it is not valid or that another version of it may better reflect the decedent's wishes.

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Who should receive your property, and, if children, at what age? The executor should also be somebody who can understand complex legal and financial considerations while protecting the value of an estate. Probate is generally a term that refers to the court proceedings required to make sure the property of a deceased person goes to the right people. In addition to your will, trusts can provide you with more options and flexibility for how your assets should be handled. Those who are provided for in the will are referred to as legatees.

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A small estate could be very complicated to administer, whereas a large one could be fairly easy. This includes your home, personal belongings, investment accounts, vehicles and more. The Importance of Having a Will. A Will allows you to choose how to distribute your estate. Does the lawyer seem interested in solving your problem? The Illinois and Indiana probate process can be emotional and challenging when grieving the loss of a loved one. See below for our other locations. Probate is the court process of distributing assets after someone dies while managing claims made against the deceased person's estate. For a free 30-minute initial consultation, please call us at (630) 912-8700, or fill out and submit our online intake form. We can provide guidance on how to make sure your will fully details your wishes regarding the disposition of your assets, guardianship of minor children, and other issues. At Banahan & Haas, we are skilled at handling probate estates of all shapes and sizes. For more information on this topic, visit our page on when an Illinois Probate is necessary.

Executor Of A Will Naperville

Serving DuPage County Beneficiaries, Trustees and Executors. In addition, a comprehensive estate plan can also ensure that you will have the financial resources you need throughout your lifetime, and you can also address the medical care and treatment you do or do not want to receive in certain circumstances. Trusts may be contested for similar reasons, although the process is slightly different. Whether trusts for you or your children are appropriate. The Executor's Guide will show you how to get organized, get the help you need and make progress one step at a time. 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. These may include: While it is important to execute a last will and testament that makes decisions about what you want to happen after your death, there are a variety of other estate planning tools that can help you provide for your family while addressing your own needs. Geneva Probate Attorneys. Creating a trust may allow you to protect assets from public scrutiny, reduce gift and estate taxes, and distribute assets without the intervention of probate court. Carol hired our firm shortly after her mother passed away in the greater Chicago area. Depending on the decedent's chosen estate planning strategy, estate administrators may need to wait until the probate process is complete before they can distribute the estate among the named heirs and beneficiaries. What is considered reasonable and how this amount is determined varies for each situation.

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A person making the Will may nominate as executor any individual in whom he or she has confidence provided the executor meets statutory requirements. When preparing your will, we will advise you on proper handling of the distribution of your estate. The unique circumstances of the estate. From our Naperville, Wheaton, Joliet, Plainfield, and Chicago, Illinois offices, we serve clients in DuPage, Will, Kane, Kendall, and Cook Counties. These can typically be obtained from the county clerk in the county where the death occurred or the county vital records office.

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Our attorneys can help you with creating and updating a will and can advise you on periodic reviews to keep your will relevant and current. Distributing assets as directed by the estate plan. Life insurance is one kind of property you can own. In Will County, original wills are filed at the clerk's office on the first floor of the Will County Courthouse in downtown Joliet. While the average person may be aware of most of these duties, it is important for executors to comprehend the full scope of their responsibilities. If you need any help with estate planning, we invite you to sit down with us to discuss all the legal tools that can be used to meet your intentions. Durable powers of attorney gives an individual the right to name an agent to make decisions about his or her health, finances, and property. We have intentionally made our fees affordable, not because we have to, but because we can and we want to help as many people as possible in order to build a reputation for efficiency, effectiveness and value.

Naperville Estate Planning Attorney

Unfortunately, problems sometimes arise in the probate process or trust administration. What will happen to your accounts, your assets, your items of sentimental value? When it comes to financial matters, most problems and difficulties can be avoided with proper planning. However, the full scope of your responsibilities might not become clear until the time comes for you to fulfill your role, whether you are ready or not. Compassionate and Competent Probate Attorneys in Kane County and DuPage County. Probate technically refers to estates where the deceased person left a Will but in lay terms, it includes the administration of estates where the deceased person died without a Will also. We will answer your questions and advise you on what should be included in your estate plan, and we will make sure all documents are created and executed correctly. This process will probably take a bit of research, and it is important to be organized. Persons who are beneficiaries under the Will should not serve as witnesses. The nine-month wait causes additional expenses if real estate is owned. A trust is a document or arrangement used to transfer property from a trustor to a trustee, who administers the property for another's benefit (called a beneficiary). While trusts offer numerous advantages, they incur up-front costs and ongoing administrative fees. Aurora, IL Wills Attorneys. Probate & estate administration attorneys handle succession issues and can help you navigate court processes, payment of the deceased person's debts, distribution of property according to the will or estate plan, and probate litigation.

Notifying financial institutions and other interested parties of the decedent's death. 760 ILCS 5/5 outlines the strict responsibilities of trustees under state law. Keep track of your time and expenditures so that you can be paid back accordingly. If you have been named as an executor, you may be wondering if you can get paid. If your loved one held assets just in his or her name, even if you show a financial institution or mortgage lender that they had a Will, they will not release the assets without a court order appointing someone as Executor. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

We can provide guidance and legal representation throughout the probate and estate administration process, ensuring that requirements are met correctly. Finding and notifying the heirs and beneficiaries. Illinois takes a different approach. Do you have to be named in the Will to serve as the Executor in an Illinois Probate Estate? With regard to the above factors, the amount of time the executor spends on the estate is the most useful. In any event, if the deceased person has a property that is titled in his name alone at the time of death, without any other alternative form of testamentary direction, the court has to oversee the distribution of that property. 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. Will contests are among the most common types of estate litigation. If your heirs will rely on their inheritance to pay bills immediately, they are in trouble as with probate it can take nine months or more for them to receive their inheritance. When a grantor creates a trust or a testator drafts a will, it's intended to ensure that property is cared for and distributed according to the creator's wishes. Presenting the will for probate.

Death is an unfortunate reality of life, and our hearts go out to anyone dealing with the passing of a loved one. Based on predetermined formulas, the probate court decides who receives which assets. Your executor next decides which assets to use to pay estate taxes and debts. This is not a concern just for the rich and famous.

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