And it’s pretty much standard that, if you’re buying or selling residential or commercial property, you’re going to have an attorney on your real estate team. Even though it’s not strictly required, it’s a safe guess to say that the vast majority of real estate buyers and sellers in Illinois have legal representation.
You need an Attorney. By Colleen L. Sahlas, Attorney. You need an Objective Advocate. Unlike your Real Estate Agent & Mortgage Broker, the State of Illinois does not allow licensed Attorneys to be paid by commission.
Probate is just one way to settle an estate when someone dies. And it's not always required. Illinois law permits a different and simplified procedure for handling small estates. A small estate is one with no land and less than $100,000 in total assets. The simplified procedure for small estates begins with an affidavit.
Illinois probate law provides that the costs of administration are paid by the estate, including reasonable attorney fees. Though the person taking charge may have to pay an initial retainer, they will be reimbursed from the estate since fairness requires all benefiting from the estate to share in the costs of administering it.
A federal estate tax return will be required to be filed within nine months after the date of death. An automatic six-month extension is available if requested during the nine-month period, but any estate tax due must be paid within the nine-month period. The State of Illinois also has an estate tax return with the same deadline.
$100,000Any Illinois estate that exceeds $100,000 in value must go through the probate process unless the property is subject to certain exemptions.
To use a small estate affidavit, all of the following must be true: The total amount of property in the estate is worth $100,000 or less; The person who died did not own any real estate , or they owned real estate that went to someone else when they died.
In Illinois, you can make a living trust to avoid probate for virtually any asset you own—real estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).
It does not depend on whether or not there is a valid will. Generally, a formal probate court proceeding is necessary in Illinois only if: there are assets that the deceased person owned solely (not jointly), and. all of the probate assets, together, are worth more than $100,000.
Settling an Estate in IllinoisThe executor files probate and the will with the court. ... The executor sends notice to the heirs of the estate and to the creditors. ... The executor must find and take inventory of all assets. ... The executor must file tax returns and pay any taxes owed as well as all creditors with valid claims.More items...
Illinois probate law requires that all estates subject to probate are required to be open for at least six months so that creditors have enough time to assert their claims after they are notified of the death.
That answer is simple: no. The executor will have to wait until the probate process is over before disposing of assets.
Do all executors of a will have to apply for probate? Often more than one executor is named in a will, but not all of the executors have to apply for probate. A maximum of four people can apply to the Probate Registry to prove a will and be named on the grant of probate.
An executor must account to the residuary beneficiaries named in the Will (and sometimes to others) for all the assets of the estate, including all receipts and disbursements occurring over the course of administration.
How to probate a will without a lawyer1) Petition the court to be the estate representative. ... 2) Notify heirs and creditors. ... 3) Change legal ownership of assets. ... 4) Pay funeral expenses, taxes, debts and transfer assets to heirs. ... 5) Tell the court what you have done and close the estate.
If you are named in someone's will as an executor, you may have to apply for probate. This is a legal document which gives you the authority to share out the estate of the person who has died according to the instructions in the will. You do not always need probate to be able to deal with the estate.
So, how long do you have to file probate after death? If a Will nominates an Executor, then the Executor has 30 days from the date of the Testator's death. They must present the Will to the Court and ask to file a Petition to open probate.
In Illinois: The maker of a will must be 18 years old and be of sound mind and memory. The will must be in writing. The will must be signed by the maker and must be witnessed by two witnesses in the special manner provided by law. Persons who are beneficiaries under the will cannot serve as witnesses.
If there is no will, an administrator is nominated, generally by the decedent's family. Individuals, banks, and trust companies can serve as executors or administrators. An administrator must be a resident of Illinois. An executor must be a resident of the United States but does not have to be an Illinois resident.
Estate planning involves creating a plan to indicate how your property and healthcare will be managed in the event of a disability, how your estate will be administered at death through a trust you create during your lifetime, or by probating a will where your property will go upon death and how to avoid death taxes if applicable.
When the decedent has less than $100,000 in financial and personal property assets at death, a small estate affidavit may be used to induce the necessary party, like the Secretary of State for a vehicle title, to issue a new title to the recipient under a will, trust, or operation of law without a probate proceeding.
The Illinois estate tax threshold amount is $4,000,000 and an estate with even $1 over that amount is subject to tax on the entire amount. A person whose estate exceeds these exemption or threshold levels needs to do some additional estate planning to minimize or eliminate death taxes.
After death, the will is presented in court and, after being proven valid, is put into effect and its provisions are carried out. The proof of the will may be made by a properly acknowledged affidavit as part of the will so the witnesses do not actually need to testify in court.
Estate planning documents include wills, trust agreements, beneficiary designations for life insurance, 401 (K) plans and IRAs, powers of attorney for healthcare and property, buy-sell agreements , and living wills.
An estate lawyer is trained in matters related to passing on your assets after you die, and planning for situations where you can no longer care for yourself. They are experts in wills, trusts, and your local probate process. Some estate lawyers may also have specialties, like planning the succession of a business.
To leave assets to a stepchild, stepparent, or half-sibling, consider working with an estate lawyer. Most people could benefit from working with an estate planning attorney, but it may not be necessary (and you may not want to pay for it) in many situations. On the other hand, people in certain situations may need the help ...
This only happens if you aren’t survived by a spouse or child, but a solid estate plan will protect your assets and allow you to pass on as much of your estate as possible. If this is your situation, you may want to look for an estate lawyer who specializes in elder law. You want to set up an irrevocable trust .
Additionally, Probate is typically required in Illinois when the probate assets contain real estate. Real estate ownership is by far the most common reason an otherwise eligible estate is required to go through the formal probate process. Probate is also required once letters of office have been issued.
However, chaos could ensue if numerous interested people execute affidavits and start collecting assets. This could result in mass confusion, double payment of claims, conflicting distributions and personal liability. Probate grants authority to a specific representative and no others are allowed to administer the estate without probate court authorization.
For example, if a two brothers own a house in joint tenancy and one brother dies, the house is not a probate asset and passes immediately to the other brother. However, when the second brother dies, the house will be treated as a probate asset because there is no surviving joint tenant.
In contrast, without probate court claims can be brought against the estate for up to two years.
A probate asset is property that will pass via a will or, if no will, under the Illinois rules of intestate succession. Intestate succession is the default process for dividing property among heirs.
Property held in trust. A trust is a form of ownership where a nominal owner, called a “trustee” owns property for the benefit of beneficiaries. Though the trustee “owns” the property, it is generally not a probate asset and not part of the trustee’s estate when the trustee dies. Because trusts are very flexible, generalizations are difficult.
Most commonly, these are retirement accounts, life insurance, and other investment accounts. This type of property is not a probate asset so long as a beneficiary is named and still living. If the decedent did not name a beneficiary, the account will flow to the decedent’s estate and will be a probate asset.
An attorney can advise you of the legal promises you must perform and help you avoid a lawsuit or other action. An attorney can advise you of your rights in the contract. You may assume that you have the right to cancel the deal for a particular reason, or to post-pone the closing if you need more time to get a loan.
An attorney can often help you avoid or minimize major risks in your contract if you have hired the attorney in a timely fashion. An Attorney can Advise you of Your Legal Obligations - if you are unaware of what legal promises you made in the contract, then you could risk being sued by the other party.
A Real Estate Agent cannot give legal advice such as the legal ramifications of your Contract and your loan documents. Only a lawyer can give legal advice. A Real Estate Agent who is also a licensed Illinois Attorney cannot act in both roles/capacities when representing you.
A real estate agent can’t draft legal documents such as the Deed, Riders to the Contract, Attorney Approval letters, amendments to the extend the financing contingency in a contract, etc. The Supreme Court of Illinois ruled that Real Estate Agents can fill in blank lines on Standardized Contracts but cannot write in additional language, conditions, ...
By Colleen L. Sahlas, Attorney. Unlike your Real Estate Agent & Mortgage Broker, the State of Illinois does not allow licensed Attorneys to be paid by commission. This ethical rule protects you, the client, because the Attorney is free to advocate for your best interests rather than being enticed to “close the deal” to get a commission. ...
A federal estate tax return will be required to be filed within nine months after the date of death. An automatic six-month extension is available if requested during the nine-month period, but any estate tax due must be paid within the nine-month period. The State of Illinois also has an estate tax return with the same deadline.
If the Estate is going through Probate, creditors of the estate have six months to file claims.
All receipts should be deposited into the estate checking account. Excess cash in the checking account should be invested in an interest-bearing account or investment. Checks in the decedent’s name should be reissued in the name of the estate. Some checks such as social security or pension checks may need to be returned.
You should open a checking account in the name of the estate. Take copies of the letters of office or small estate affidavit and death certificate with you . You will also need to provide the bank with the employer identification number (EIN) of the estate. 2.
If the Estate is going through Probate, creditors of the estate have six months to file claims. If there is a question as to whether all creditors will be paid, then it is improper to pay claims before the expiration of the claims period. 5. Distribution of Assets to Heirs and Legatees.
Income Tax Returns for the Decedent. Final federal and state income tax returns will need to be filed for the period from January 1 of the year of the decedent’s death until the date of the decedent’s death. The due dates for the returns are April 15 of the year following the year of the decedent’s death.
You will need to determine whether the estate’s investments should be liquidated. An executor or administrator may be liable for any decrease in value of the investments unless the will permits the investments to be held.
When an estate contains less than $100,000 in total assets, with no land, it’s considered a small estate, and can be settled using Illinois small estate procedures. An affidavit summarizing the person’s estate, and how it should be distributed, is filled out and notarized. The affidavit is often coupled with a copy of the death certificate.
When someone dies, they leave an estate that must be settled. That means collecting the person’s property, paying their debts, and distributing what’s left over. The distribution can be directed by a valid will, or, if there’s no will, by Illinois inheritance rules.
With limited supervision, a probate case is opened in court, but the judge simply reviews and approves the final accounting that’s filed by the estate administrator. With full supervision, the judge takes a more active role in the actual administration of the estate.
Probate is one way to settle an estate when someone dies, but it's not the only way. And it's not always required. Illinois law permits a simplified procedure for handling small estates that doesn't go through regular probate procedures.