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While it's true that estate planners should trust and respect their executors, the reality is that the job of an executor is far-reaching and complex. Is an Executor compensated for his/her time handling estate matters? There are multiple different types of trusts. Distributing assets as directed by the estate plan. The truth is that wills can address more than financial assets and property. However, many people make mistakes when choosing an estate executor. When a person has been named as the executor of a loved one's estate, he or she is responsible for carrying out a number of specific duties. Contact an experienced Naperville estate administration attorney to get the guidance you need in carrying out your responsibilities. Naperville Alternative Forms of Testamentary Disposition | Wills & Trusts Attorney. 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. The executor is the court appointed person to be in charge of your estate. If you are the executor of an estate, a probate & estate administration attorney can help. A Will should be prepared while a person is in good health and in a position to carefully consider its provisions.
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. Elements of a Comprehensive Estate Plan. 755 ILCS 5/6-14 reads as follows: Before issuance of letters to an executor his power extends to the carrying out of any gift of. Naperville Estate Administration Lawyer Discusses the Duties of the Executor. If you have recently lost a loved one or friend and have been named the executor of the estate, contact us at 630-868-3910 in Naperville, IL or 630-653-4300 in Geneva, IL to schedule a free 15 minute consultation to discuss how we can help you. It may be important to choose an executor for a testamentary document and inform that person, so that they may take action soon after the passing of the testator.
What Should a Will Include? Phone: 630 753-8035 630 753-8035. This process will probably take a bit of research, and it is important to be organized. If you have financial assets and minor children, it is essential to have a will in place to determine how your final affairs will be handled. Executor of a will naperville weather. We also offer reasonably-priced consultations to discuss your specific estate planning needs. For example, an heir or multiple heirs may contest the will. Additionally, if you are looking for a firm's help to administer your estate personally, attorneys could serve this role when the time comes.
E-mail: From our office in Schaumburg and Naperville, Illinois, we handle matters in areas of DuPage County, Cook County, Will County, Lake County and Kane County including Aurora, Barrington, Bartlett, Carol Stream, Hoffman Estates, Naperville, Oak Brook, Roselle, Schaumburg and Streamwood. Free Initial Consultations. Any money that flows through the estate must pass through these bank accounts. We have been named one of 2016's 10 Best Attorneys for Client Satisfaction by the American Institute of Family Law Attorneys. You can name yourself as one of the beneficiaries, using the assets to provide for your own needs during your lifetime, while passing the remaining assets to your loved ones after your death with specific instructions for when distributions will be made or how they can be used. Estate planning might not be your top priority when other life events have your attention. Planning now will protect your family's best interest and ensure financial stability for years to come. Executor of a will naperville. Use FindLaw to hire a local probate & estate administration lawyer to ensure that the estate is administered and probated according to probate law. Executors have a fiduciary duty to properly manage an estate and can be held personally liable if the process is not done correctly.
When no will exists, or if the legitimacy of it is questioned, helping administer the estate can be costly. Probate is the legal process used to conclude all your financial and legal matters after your death. We will discuss every aspect of your estate and consider important topics such as: - Familial relationships. Dealing with family members. You should also come prepared with the following information: - Value of all assets including life insurance. Estate Administration in Naperville | Fiduciary Obligations. Another key part of your estate plan is making sure your decisions about your own care will be followed correctly. In addition, you will have to consider any special situations you may have — such as a divorce or a disabled child. Each allows a different degree of control over distribution, and each poses different challenges and opportunities. Probate court proceedings are public record.
The executor will file a petition with the local probate court, provide details or your property and debts, distribute inheritance according to your will and more. Whether issues were complex or simple. Under independent administration, an Executor is free to carry out the terms of the will without having to seek the court's approval at every step. Failure to carry out the duties of the trustee as set forth in the trust documents, such as making scheduled payments to beneficiaries. When you call on The Law Offices of Kevin P. McCarty, you can expect to speak and work with an experienced probate lawyer. Executor of a will naperville homes for sale. Illinois takes a different approach. The unique circumstances of the estate. In Illinois: • The maker of a Will must be 18 years old and be of sound mind and memory.
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