Guardianship in Illinois

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Guardianship in Illinois
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Estate Planning Decisions
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Your Last Will and Testament is likely the
foundation of your estate plan
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When creating your Will you will need to make
numerous important decisions relating to your
estate assets
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You will also need to appoint an executor
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The appointment of your executor should not be
made lightly
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Executor Power and Authority
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If you die without a valid Will you died
intestate
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The court will appoint an administrator to handle
the probate of an intestate estate
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If you executed a Will prior to death you
appointed an executor to administer your estate
during probate
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Illinois law grants both an administrator and an
executor certain power and authority to
administer an estate
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Your Will may grant your executor additional
powers
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You may waive the need for your executor to post
a surety bond
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Preliminary Matters
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Opening Probate
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Determine if formal probate required
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Illinois offers small estate affidavit for
estates worth less than 100,000 with no real
property that meet additional criteria
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If formal probate is required, executor must file
documents with court to open probate
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Executor typically retains an estate planning
attorney to assist
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Arrange for funeral and burial expenses to be
paid out of estate assets
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Locating, Inventorying and Valuing Assets
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May require professional appraisals
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Creditor Claims
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Notice must be given to all known creditors
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Copy of probate must be published to give all
unknown creditors notice
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Creditors have 6 months to file a claim
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Executor must review and approve or deny all
claims
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Approved claims are paid out of estate assets
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Creditor may appeal to court if a claim is denied
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Probate Litigation
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Executor must defend estate during all litigation
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Litigation may stem from creditor claim or
challenge to Will (Will contest)
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Attorney may represent your executor but executor
ultimately responsible for defending your estate
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Managing Property
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Taxes
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Both personal income tax returns and federal
gift and estate tax returns must be prepared and
filed by your executor
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Any tax due must be paid out of estate assets
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Transferring Assets to Beneficiaries
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After a final inventory is filed with the court
and accepted your executor must prepare all legal
documents necessary to transfer the remaining
estate assets to the intended beneficiaries
pursuant to the terms of your Will
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LEARN MORE ABOUT GUARDIANSHIP IN ILLINOIS
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