Naming an Administrator for an Illinois Estate. We’ll go over some of the most important forms here. Basic Requirements for Serving as an Illinois Executor. The Illinois Probate Act is very vague. period. Becoming an Estate Executor. Illinois Executor Deed. It says only that the fee must be “reasonable” without providing any additional guidance. The executor has probated the Will, sold the assets of the estate (for example, sold the house, liquidated the brokerage account, etc. Reasonableness isn’t simply a function of the value of the estate. Select a probate attorney – As executor, you are entitled to hire an attorney and have the attorney’s fees paid (or reimbursed) from the estate’s assets. Question: “My mother died about 3 weeks ago, and I am the Executor of her estate. The executor has a fiduciary duty to the estate, and must account for all expenses, as well as managing estate assets. When you serve as the executor of a will, you’ll need to grapple with a lot of paperwork as you coordinate the distribution of assets and property. 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. How Should an Executor Distribute Real Estate in an Illinois Probate Estate? The executor of an estate is a person named in the decedent's will to manage the distribution of the estate's assets. As Executor, you've been given the duty to manage the estate and carry out the directions of the will; however, a court may require official documentation. When you die, an executor must collect your remaining assets, pay your creditors, and distribute your property according to a will -- or if you do not leave a will, according to state law. Illinois Intestate Estate vs. an Estate with a Will When the deceased person died with a valid will in place, the will directs the administration of the estate, from the appointment of an executor … Illinois courts have determined that charging fees based upon a percentage is not legally authorized by the statute. If you breach either of these duties, then the beneficiaries could sue you in court. Thus, the Executor or Administrator essentially “steps into the shoes” of the deceased person to fulfill contract obligations, pay debts, and retitle assets. If the will provides that the real estate should go to a particular individual or group or individuals, the deed to the real estate should be transferred to those beneficiaries, assuming that there are enough other assets to pay claims against the estate. The decision to serve as an estate executor should not be taken lightly: it is a significant responsibility, and requires substantial effort.. In Relf v. Shatayeva, 2013 IL 114925, the Illinois Supreme Court refined its analysis of the Illinois Code of Civil Procedure when a plaintiff mistakenly sues a decedent, and offered insight into how it interprets the Illinois Compiled Statutes by analyzing indirectly related statutory provisions for guidance. 2 A. If you need more help deciding if you should accept compensation for serving as executor, read this guide.. Illinois law provides for "reasonable" compensation for the work your executor must perform in administering your estate. The executor must prepare and file a federal or state estate tax return, or possibly both if the estate exceeds either of these tax exemptions. Your executor must be: at least 18 years old; a U.S. resident, and; of sound mind -- that is, not judged incapacitated by a court. An affidavit summarizing the person’s estate, and how it should be distributed, is filled out and notarized. When someone dies without a will, probate court can step in to select someone to perform these duties or a loved-one can volunteer to fill the vacancy. Part of the obligation of marshalling includes protecting assets. If you are considering acting as an estate representative for an Illinois probate estate, feel free to contact us at (847) 991-2250 for a free initial phone consultation to discuss representation. An estate tax is imposed on the value of property when a person dies before any property is inherited. The executor is also in charge of using estate assets to pay valid claims, such as funeral expenses. The Illinois Estate Tax exemption amount was $4,000,000. The inventory must include all "the real and personal estate which has come to his knowledge and of any cause of action on which he has a right to sue," according to the Illinois Probate Act. A: The executor is lawfully charged with the obligation and the right to marshall the estate assets. If you would like to learn more about the role of an Executor, visit our pages on how to be appointed Executor in an Illinois Estate or what an Executor does in Illinois. An Illinois Executor's Responsibilities. Even if the Estate does not exceed $5,340,000.00, the executor may want to file a federal estate tax return to elect “portability.” b. Understand potential liability. If you are the executor of an estate, a probate & estate administration attorney can help. The Decedent’s Assets. A person whose estate exceeds these exemption levels may need do some additional estate planning to minimize or eliminate death taxes. If a person dies without a will, he or she has also likely not named an executor for the estate. Additionally, the executor must directly inform known creditors and publish a notice in the local newspapers to alert any unknown creditors of the proceedings. The executor would be within her rights to secure the house. The State of Illinois also has an estate tax return with the same deadline, but that must be filed if the estate is in excess of $4,000,000.00. You may choose to hire the attorney that prepared the Will, but it is not required. ; ... Next, the executor must take inventory of the decedent’s entire estate and submit it to the court within the first 60 days of the executor … While actual calculations are more complex, examples include 5% of amounts received or paid out in cash for Texas estates, or 4% of gross value for CA estates worth <$100K. How should I proceed in fulfilling my role as Executor of her estate?” Answer: First, my condolences on your Mother’s death. Once an Executor or Administrator is appointed by the Probate court, he/she is empowered under Illinois law to act as the official representative of the estate. If you’d like a bit more (free) help understanding the estate settlement process, you can answer a few simple questions and get a free custom executor plan here on Executor.org.. And, here are the executor fees by state, so you know how much compensation is reasonable. The final accounting to the probate court must include estate checking account statements, invoices, receipts, financial statements, gains or losses on sale of assets, bills of sale and other items applicable to the particular estate. In Cook County, probate judges generally will not allow an executor to file pro se. The personal representative of an Illinois probate estate is entitled to receive compensation from the estate for his or her efforts. The Executor must identify, locate and secure all the estate assets and then figure out which ones are probate assets. Misappropriation of Funds. An executor is entitled to expend estate funds to be represented by an attorney. In Illinois, an executor has 60 days from the day he becomes executor to make an inventory of the estate. So, for instance, assume that the entire estate is worth $400,000. An executor of the estate is named to dictate who gets what property upon the death of the deceased. You also owe the beneficiaries a duty of loyalty and good faith. Having said that, the executor is also obligated to file an inventory which identifies the assets of the estate. 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 … The executor or administrator of an Illinois probate case are known as the personal representative of the estate. As an executor, you have a duty to exercise reasonable care when dealing with the estate’s property. 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