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Probate Common Questions
Things to Know About Probate
The duties and obligations are set forth in the will or by Illinois statute. In addition to those duties spelled out in the will Illinois law requires that an Executor or Administrator administer the estate in accordance with the terms of the will or pursuant to the statute if there is no will. The Executor or Administrator is also required to:
- Pay claims and debts of the decedent
- Pay tax obligations
- Pay expenses of the Estate
- Collect assets or obligations owed to the estate
- Invest and manage funds of the estate
- Distribute the estate to beneficiaries
While opening a probate estate is not always necessary in some situations it may be preferable.
One situation where opening an estate can save thousand of dollars for the beneficiaries is where the decadent may have unknown creditors. Illinois law provides a statutory six month claims period for creditors to file claims once an estate is opened. If the decedent had unknown creditors this can bar them from any future recovery after the six month claims bar date.
It is important to discuss the specifics of an estate with a skilled probate attorney at Urban & Burt, Ltd. to determine if opening a probate estate in court is required or desirable.
In circumstances where the total value of the Illinois estate is less than $100,000.00 it may be possible to avoid opening an estate. However, if there are disputes among possible heirs, creditors or property in other states that may not be advisable or possible. Only after a detailed review of the situation can a skilled probate attorney advise of the best possible course or action. For a free consultation contact Urban & Burt, Ltd. at 708-687-5200 to schedule a review.