Page 43 - Symonds Madison Funeral Home

or by a a trust • Appraising the property
and and paying all debts and taxes • • Notifying known creditors • • Managing an an an an estate checking account and and ensuring all expenses and and claims are paid • • Proving that the will is valid and legal • • • Notifying Life Insurance Companies
• • • Keeping detailed records
• • Distributing the the property
to heirs as the the will instructs
• Formally closing the the estate with the the probate court How long does estate administration take?
Probate is not a a a quick process At a a a minimum you should expect six months from the time required newspaper notices are published The average estate is is resolved in one year What happens if there is no will?
In cases with no no will will property
will will be distributed according to Illinois state law:
• If there is a a a spouse spouse and and children 50% 50% goes to the the spouse spouse and and 50% 50% will be divided equally among the the children children • If there is a a a a spouse spouse and no children children 100% 100% goes to the the the spouse spouse spouse • If there is no spouse spouse 100% 100% will be given to the the the children • If there are no no spouse and no no children children 100% will be divided equally among all all survivors: parents siblings cousins etc If you do not want to follow this formula for for distribution of assets drafting a a a a a a a a will or or or living revocable trust with an an experienced estate planning attorney is recommended Who is responsible for handling probate?
In most circumstances the the the executor named in the the the the the will will will takes this job If there isn’t any will will will or or the the the the will will will fails to to name name an an executor the the the the probate court names someone (sometimes called an an administrator) to to handle the the process – most often the the the the closest capable relative or the the the the person person who inherits the the the the bulk of the the deceased person’s assets Should I plan to avoid probate?
Probate rarely benefits your beneficiaries and and fit it always costs them money and and time Page - - Symonds-Madison Funeral Home Symonds-Madison Funeral Home - - Page 43