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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 attorneyMany people do not realize it, but taking steps to prevent identity theft is an important part of estate planning. Sadly, more and more criminals are taking advantage of grieving families by stealing the identities of deceased individuals. An identity thief can use a deceased person’s name and personal information to obtain and use credit cards that are in the deceased person’s name, apply for loans, falsify tax returns, and more. If your loved one’s identity is stolen after they pass away, you will be burdened with resolving the issue with law enforcement and financial institutions. Follow these steps to minimize the chances of your loved one’s identity being stolen after they pass away.

Tip #1: Notify Interested Financial Companies of the Death

When a loved one dies, it is usually up to the executor of the estate to contact financial institutions and close accounts. It is important to do this as soon as possible. Unscrupulous individuals can take advantage of the window of time between when an individual dies and when the decedent’s finances are settled. Contact every bank that your loved one had an account with and notify them that your loved one has passed away. You should notify the banks even if the deceased person’s spouse or another person is still listed on the accounts. You will also need to notify any lenders, mortgage companies, or investment companies your loved one had business with.

Tip #2: Close Credit Cards and Contact the Major Credit Bureaus

You will need to compile a list of all of your loved one’s credit card accounts so that you can close them. Looking through their purse or wallet can give you some information, but a better idea may be to request a copy of their credit report. You should also continue to monitor their credit report for suspicious activity. The Social Security Administration (SSA) will eventually notify the credit bureaus of your loved one’s passing but doing so yourself may expedite the process and help prevent an identity thief from opening a new line of credit under your loved one’s name. Sometimes a funeral director will contact the SSA on behalf of a family, but contacting the SSA, as well as the Internal Revenue Service, is ultimately the surviving family member’s responsibility.

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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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Lombard estate planning attorneyOne of the most important estate planning decisions you will make is choosing the executor of your estate. In most cases, the executor of an estate is usually a close relative or friend, but it does not have to be. The job of an executor includes managing and protecting the property of the decedent. The executor of your estate will be responsible for making sure that your final wishes are fulfilled and that your property is maintained until disbursement. He or she will also be responsible for paying estate debts and any outstanding tax obligations.

The person you select as executor of your estate has a tremendous responsibility. It is imperative that you choose someone who is capable of managing your estate effectively. Mismanagement of estate assets can result in losses to your beneficiaries as well as family arguments.

Executor Duties and Responsibilities

One of the first things an executor should do following the death of the estate’s original owner is to obtain at least several official copies of the state-issued death certificate. He or she will need these in order to fulfill executor duties. The executor must use these to access financial accounts and cancel government checks from programs like Social Security Disability Income (SSDI). A copy of the death certificate must also be included with the estate’s final federal tax return. It might also be the executor’s responsibility to handle the funeral and burial financial arrangements if arrangements were not already made.  

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Lombard estate planning lawyersOne of the most important decisions in the estate planning process is 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, settling the debts of the estate, and paying 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.

Short-Term Responsibilities

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 and Beyond

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 their approval. Exceptions to this rule is if all the 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 attorneyBeing the executor of a will is a serious responsibility. An executor is tasked with managing the estate of a deceased individual and must do so until the estate is legally closed. When choosing the executor of your estate, it is important to select someone who has integrity and is capable of fulfilling the required duties. An estate executor is responsible for paying creditors and taxes and must oversee any legal processes such as a will contest or an estate tax audit. Depending on the circumstances, the job of being an executor can last months or even years. Experts have some advice for those who are ready to choose their executor.

The Importance of Having a Will – Regardless of Age

Recent surveys have shown that a staggering 64 percent of Americans do not have a last will and testament. This is quite surprising because it is one of the most fundamental estate planning tools a person can utilize. A will provides directions for how a deceased person’s property should be managed after death and can also include instructions regarding any minor children the person has. Those who pass away without a will put decisions regarding property, inheritance, guardianship of minor children, and more in the hands of the court.

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Posted on in Estate Planning

DuPage County estate planning lawyerWhen someone asks you to be the executor of their last will and testament, you may feel both honored and also overwhelmed. What exactly does an executor do? Who can be an executor? Being an executor of someone’s will is a huge responsibility, but with some research and help, most are able to take on the challenge.

An Important Role

The overall job of an executor is to make sure a person's last wishes are granted with regards to the disposition of their property and possessions. He or she is responsible for paying the deceased's debts and creditors, and distributing any remaining money or property according to the deceased’s wishes. The law does not require an executor to be a lawyer or financial expert, however, it does require than an executor fulfill their duties with honesty and diligence. This responsibility is called "fiduciary duty," which means that the executor must act in good faith and in the best interests of the deceased person’s estate.

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Lombard estate planning lawyersEstate planning is arguably one of the most important things a person will do during their entire life, and as such, everything matters. The slightest discrepancy may be attacked, and your wishes may not be honored if your estate is not set up and administered properly. Perhaps the most important choice you must make while estate planning is picking your executor, who can ensure that your wishes are carried out as you prefer and act on your behalf.

Responsibilities of an Executor

A person who has been named an executor in Illinois has 30 days following the death of the testator in which to either submit the will for probate or refuse the appointment. The responsibility of managing another’s estate is a heavy one, and, as such, it is important to pick the right person. The instinct for many is to choose their spouse, but this is not always the best choice, especially if you are of similar ages and he or she may be older and/or ill when the time comes for them to assume the role. Who you choose must be able to fulfill all of the duties of the executor including:

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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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