In this video our Joliet probate attorneys describe probate as a court case in which the court oversees the executor or administrator as they distribute the assets of a deceased individual to creditors and beneficiaries.  The probate process occurs after a person has died and is handled by an executor of the deceased person.  The executor is usually the person that the deceased named in his or her will to be responsible for managing his or her estate.  In the absence of a will, the person with this responsibility is referred to as the administrator.  The overall goal of probate is to clarify who gets certain assets of a deceased person and to ensure that debt is paid off. Do not hesitate to contact O'Flaherty Law Joliet for all your legal needs.

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In this video our Joliet attorneys explain that probate is a court case that oversees the process of collecting and disbursing the assets of an individual’s estate once he or she has passed away.  If the deceased (known from here on as the decedent) had a valid will and named someone to manage his or her estate, the court will appoint this person as executor of the estate, as long as he or she is fit to take on the role.  If the decedent did not have a will, the court will appoint an administrator to fulfill the responsibilities of an executor until the case comes to an end.  The purpose of probate is to account for the decedent’s entire estate and allocate said estate in accordance with the wishes of the deceased, once any and all debts of the decedent are paid.

Not all estates need to go through probate.  Generally, probate is required if the decedent:

• Owned assets outside of a trust or “payable on death” account in excess of $100,000; or
• Owned any real estate that was not held jointly with another person with a right of survivorship.

The most notable change to probate law is the addition of the Illinois Trust Code (ITC).  The ITC is based off of a unified standard called the Uniform Trust Code (UTC), which has been implemented in 33 states.  Most of the changes outlined in the ITC are optional and can be waived by the creator (known as the settlor) of the trust, but other statutes, such as the information an executor must provide to each beneficiary, must be followed under any circumstances.

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In this video, our Joliet probate litigation attorneys explain family settlement agreements for Illinois probate litigation and trust disputes.  A family settlement agreement can be used to resolve ambiguities within a trust or will in order to avoid tension between family members and costly litigation A family settlement agreement is an agreement between beneficiaries of a trust or will that have a genuine dispute over a provision of the trust or will.  The agreement can be used to adjust or clarify a provision of the trust or will.  The agreement must be signed by all interested in parties, but it does not have to be filed in court.

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