; ... 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 … Thus, the Executor or Administrator essentially “steps into the shoes” of the deceased person to fulfill contract obligations, pay debts, and retitle assets. 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. The quintessential executor misconduct occurs when an executor tries to steal assets from an estate. If that person is not qualified, or if the decedent dies without a will, then Illinois law provides an order of preference to determine who serves as the administrator or executor of the probate estate. The decision to serve as an estate executor should not be taken lightly: it is a significant responsibility, and requires substantial effort.. period. The Illinois Estate Tax exemption amount was $4,000,000. At the same time, the Executor will ask the court to be officially appointed as the Personal Representative (PR) of the estate. An affidavit summarizing the person’s estate, and how it should be distributed, is filled out and notarized. 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. Reasonableness isn’t simply a function of the value of the estate. If you have concerns about the conduct of the executor of your loved one’s estate, or if you have any questions about estate planning or probate, speak with an experienced Illinois estate planning & probate attorney. 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. As an executor, you have a duty to exercise reasonable care when dealing with the estate’s property. The executor might also have to prepare and file an estate income tax return if any assets earn income during the probate period, and prepare and file a personal income tax return for the decedent’s final year of life. 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. In this case, the family members closest to the deceased share the right to appoint an administrator for the property. Naming an Administrator for an Illinois Estate. Generally, a gift of property from a person to his or her spouse who is a U.S. citizen is not subject to a gift tax or an estate tax. 1. The executor is also in charge of using estate assets to pay valid claims, such as funeral expenses. The executor would be within her rights to secure the house. The Executor must identify, locate and secure all the estate assets and then figure out which ones are probate assets. A person whose estate exceeds these exemption levels may need do some additional estate planning to minimize or eliminate death taxes. The personal representative of an Illinois probate estate is entitled to receive compensation from the estate for his or her efforts. An executor is a fiduciary, and as such, has a duty to its beneficiaries to carry out the terms of a Will with the highest degree of fidelity and good faith. 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. 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. We answer: What is Probate? Find the laws governing the probate administration of real estate at 755 ILCS 5/20. The specifics can vary depending on the size and nature of your estate, but in general, estate executor… If you need more help deciding if you should accept compensation for serving as executor, read this guide.. The Illinois Probate Act is very vague. The Decedent’s Assets. Understand potential liability. The executor has probated the Will, sold the assets of the estate (for example, sold the house, liquidated the brokerage account, etc. This FindLaw article will show you how to file for executor of an estate without a will. If you breach either of these duties, then the beneficiaries could sue you in court. Illinois Executor Deed. Nuts & Bolts of Illinois Probate Estate Administration . 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. 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. An executor is entitled to expend estate funds to be represented by an attorney. Illinois courts have determined that charging fees based upon a percentage is not legally authorized by the statute. 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. How Should an Executor Distribute Real Estate in an Illinois Probate Estate? Illinois law provides for "reasonable" compensation for the work your executor must perform in administering your estate. It says only that the fee must be “reasonable” without providing any additional guidance. In this article, we explain Illinois Probate and Estate Law 2020 as well as recent changes to Illinois Estate and Probate Law. The executor must notify the beneficiaries and inheritors of the estate of the probate proceedings. The executor has a fiduciary duty to the estate, and must account for all expenses, as well as managing estate assets. Here are the requirements in Illinois. So, for instance, assume that the entire estate is worth $400,000. 2 A. Having said that, the executor is also obligated to file an inventory which identifies the assets of the estate. 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. 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. Question: “My mother died about 3 weeks ago, and I am the Executor of her estate. 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