Illinois Estate Planning & Elder Law Blog

The Personal Representative of an estate is responsible for the administration of the estate. If there is a will, he is often referred to as the executor. If there is no will, he is the administrator.

Before the court issues letters of office giving the personal representative all of the powers given to him in the will and given to him by statute, the personal representative can carry out any gift of the decedent’s body, make burial arrangements, pay funeral charges and take acts necessary to preserve the estate.

After appointment by the court as an independent administrator, the personal representative has all of the express and implied powers given to him in the will in addition to many statutory powers including the power to lease, sell or mortgage the personal estate of the decedent and distribute any of the personal estate the sale of which is not necessary; borrow money; continue the decedent’s unincorporated business; perform any contract of the decedent; employ agents, accountants and counsel, including legal and investment counsel; and hold stocks, bonds and other personal property.

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A small estate affidavit may be used in place of a formal estate proceeding (opening an estate before a judge) to collect the decedent’s personal property when the total value of the decedent’s personal property is less than $100,000.

An affidavit must be completed which states the names and addresses of the heirs at law if the decedent died without a will or the beneficiaries’ names and addresses if the decedent had a will. The affiant must state that no estate proceeding before a court is pending nor is one contemplated. He must also state that all funeral expenses have been paid and that there is no known claimant and no known claims against the property. All assets must be listed on the affidavit as well.

No notice is required to heirs, beneficiaries or creditors. The affiant holds harmless all creditors and heirs of the decedent and other persons relying upon the affidavit who suffer a loss because of their reliance.

The affidavit does not need to be filed with the Court.

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As outlined in U.S. News and World Report, Roth IRAs have many appealing characteristics. They grow income tax free. Owners are not required to take minimum distributions at age 70 1/2. The income limit has been removed on Roth conversions, so anyone can convert a regular IRA to a Roth IRA in 2010. If tax rates increase, the benefit to converting now will be even greater.

It is important to remember that it is not your will or trust that determines who will inherit your Roth IRA. Roth IRAs, like all IRAs, include their own beneficiary designation. The owner of the Roth stipulates the beneficiaries of the account. In some cases, it will be the most advantageous to stipulate the owner’s estate or the owner’s trust as the beneficiary. That way, an estate plan including a will and a trust can be further utilized.

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What do wills, trusts and ping pong have in common? All three will come together for the Second Annual LaGrange Area Table Tennis Tournament on Saturday, March 20, 2010 at 10 am sponsored by the Law Offices of Wilson & Wilson.

The tournament will take place at Park Junior High School, 325 Park Road in LaGrange Park. Anyone 16 or older may enter by just showing up at 10 am at the school. Trophies and cash prizes ranging from $1000 to the 1st Place Champion to $100 to the 6th Place Winner will be awarded.

When a Seller assures a Buyer that he will stand behind the title to the property he is conveying, the Seller executes a Warranty Deed. With a Warranty Deed, the Seller discloses to the Buyer all of the encumbrances on the property and certifies to the Buyer that no other outstanding claims against title to the property exist. The Seller stands behind this certification by guaranteeing that if there is a problem with the title, the Seller will compensate the Buyer for any loss.

When a Seller does not assure the Buyer that he will stand behind the title he is conveying, the Seller executes a Quitclaim Deed. With a Quitclaim Deed, the Seller conveys to the buyer only the right, title and interest that he has, whatever that may be. The Seller does not guarantee that other parties do not have an interest in the property, and the Seller does not agree to compensate the Buyer for any loss because of these outstanding interests.

Both Warranty Deeds and Quitclaim Deeds have there useful place when parties are interested in transferring title to property.

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