Probate ensures orderly distribution of assets after one's death
When one's loved one dies, there is a procedure in place that helps ensure the orderly distribution of one's assets to the beneficiaries as designated by the Last Will and Testament, or one's legal heirs in the event that no will exists.
The procedure is called probate, and it is a process whereby the court appoints someone to manage the estate as a "personal representative." An "executor" is appointed if there is a will.
When there is no will, the court appoints an "administrator."
The "executor" will have been nominated by the decedent in his or her will. In incidents where there is no will, the court will determine who will act as the "administrator" of the estate, which may be one or more individuals, a bank or a trust company, or a combination thereof.
While an administrator must be a resident of Illinois, an executor must only be a resident of the United States. Each executor or administrator must be approved and officially appointed by the court.
The duties and responsibilities of a personal representative, either an executor or administrator, are defined primarily by the Illinois Probate Act and the Internal Revenue Code. Generally, if the decedent left a will, it is the responsibility of the person in possession of the will to file it with the circuit clerk within 30 days of death.
It is then the responsibility of the person nominated as executor to ask the court to probate the will. It should be noted that the attorney is the person who appears in court to represent his or her client. Also, a will need not be probated in every instance.
Among the personal representative's duties with the court are the following:
The duties as to property are as follows:
Finally, there are financial duties which are required. They include:
For further information about this or other law-related issues, contact an Illinois State Bar Association member-lawyer in your area or visit www.isbalawyers.com.