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Lombard estate planning attorneyOne of the most important decisions in the estate planning process is selecting who will be named as executor of the estate. The executor is the person who is responsible for overseeing and protecting the assets of the deceased person. He or she is responsible for ensuring that the wishes of the decedent are carried out, as well as maintaining any property of the estate until disbursement, paying the debts of the estate, and any taxes owed. It is critical for the person who is appointed executor to understand how to manage the estate. If they mismanage estate assets that add up to a loss to the beneficiaries of the estate, they can be held liable for those losses.

Important Duties

Unless arrangements have been made before the person’s death, it is typically the executor’s responsibility to handle the financial arrangements for the deceased’s funeral and burial expenses. The funeral parlor also provides copies of the death certificate to the executor. It is important to obtain several copies of the death certificate since a copy will be necessary in order to access financial accounts and canceling government benefit checks (i.e. Social Security). A copy is also required to be filed with the final federal tax return of the estate.

Probate Concerns

It is also the executor’s responsibility to file the deceased person’s will for probate. There can be no division of the estate until a probate judge gives his or her approval. An exception to this rule exists if all the decedent’s assets had been transferred to a living trust before the person died. Those assets can be disbursed to the designated beneficiaries without having to go through the probate process.

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Lombard estate planning attorneysPreparing a will is, for many people, the cornerstone of estate planning. For some, a will can be enough to cover much of their estate, while others may require additional planning instruments to meet their needs when they are gone. Regardless of the size of your estate, choosing an individual to oversee the execution of your will is one of the most important determinations that you will have to make during the estate planning process. A person or entity tasked with such responsibility is called an executor in Illinois—sometimes known as a personal representative in other states—and should be worthy of the trust that you have placed in him or her to protect your assets and property.

Duties of the Executor

An executor may be a financial institution, trust company, or other entity, but in most situations, it is an individual person, often a friend or family member. Upon your death, your executor will be responsible for:

  • Locating and compiling your assets, if you have not already done so;
  • Notifying creditors, and satisfying outstanding debts or other obligations with funds from your estate;
  • Manage all assets during the process of probate;
  • Distribute property to surviving spouse and dependents, as required by law; and
  • Distribute remaining property to beneficiaries named in the will, or as required by law.

If your estate is valued at less than $100,000, Illinois law permits your executor to close the estate without court involvement. Estates that exceed a value of $100,000 must be handled through probate court unless other estate planning steps have been taken to avoid the probate process legally.

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Illinois State Bar Association DuPage County Bar Association Northwest Suburban Bar Association American Inns of Court DuPage Association of Woman Lawyers National Association of Woman Business Owners Illinois Association Criminal Defense Lawyers DuPage County Criminal Defense Lawyers Association
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