If an Illinois resident names you as executor of his or her estate, you’ll want to learn as much ahead of time about the estate administration to help you avoid problems when the time comes to carry out your duties. A high priority for most executors is knowing how to avoid probate litigation, which can be a complicated, time-consuming, stressful process. In this state, all probate matters are handled in the circuit court of the county where the decedent in question resided at the time of his or her death.
As an executor, you are tasked with gathering the estate owner’s assets in order to satisfy any or all tax-related or creditor debt. Certain assets, such as those that identify a particular beneficiary (or more than one), may be transferred without passing through probate. Such assets often include retirement benefits, annuities or life insurance policies.
Assets that are tied to joint tenancy with right of survivorship also transfer directly to the living owner at the time of the other owner’s death. There is a lot more to know regarding the probate process, which is why many executors ask experienced estate administration attorneys to assist them in their duties. An attorney is a great source of support to have on hand, especially if a beneficiary or other party legally challenges a will.
Lesser Lutrey Pasquesi & Howe, LLP is fully equipped to provide guidance and support in all executor and probate litigation issues. Our experienced legal team understands the importance of protecting your interests as you fulfill the obligations you accepted when asked to serve as an executor. From filing paperwork in court, to conducting asset inventory, notifying beneficiaries and addressing any legal challenges that arise, skilled support can help keep stress levels to a minimum when navigating the estate administration process.