Chicago Estate Planning and Executor Duties
An executor is the person responsible for managing the administration of a deceased individual’s estate. The executor is named in the Will. If there is no Will, an administrator is appointed by the Court. You are not required to accept the position of executor if you are named in the Will.
Estate administration in Illinois usually takes 14 months. The following are some of the duties of an executor or administrator.
• Locate Documents. You need to locate the original Will and have it recorded with the County Recorder’s office. You need to obtain the death certificate.
• Open Probate. The Court will grant Letters of Office to the executor or administrator.
• Notify Interested Parties. You will need to notify beneficiaries, heirs and known creditors. Publication needs to be made in the newspaper to unknown creditors.
• Manage the Deceased’s Property. You will need to prepare a list of the deceased’s assets and liabilities and collect any property in the hands of other individuals. The property must be protected from loss. An appraiser needs to be hired to assess property values.
• Pay Claims of Creditors. Once the creditors are determined, they need to be paid from the decedent’s funds.
• File Tax Returns. You need to be sure tax forms are filed within the required filing deadlines including estate taxes and income taxes.
• Distribute Assets to the Beneficiaries. Once the creditors’ claims are paid, the executor is responsible for making sure the beneficiaries get what they are entitled to.
• Keep Accurate Records. It is important to keep records of payments made and assets received. A final accounting will need to be created.
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