When someone dies their estate enters probate. The decedent’s assets will be distributed based on whether a will exists or not. Estate probate cannot be put on hold indefinitely because a family member or potential legatee believes a will exists somewhere. There are deadlines associated with estate probate in Illinois. Extensions can be granted, but typically the process must have started within 30 to 45 days after death. If no will can be found the assets will be will spread evenly to the appropriate family members by the estate administrator assigned to the case.
When drafting a trust, choosing the right trustee is a very important decision. This individual or entity will be tasked with following the responsibilities set forth in the trust. These responsibilities can be as simple as making sure the estate’s assets are properly disbursed among the beneficiaries, or as complex as overseeing the continued financial success of stocks, assets, investments, etc. The trustee is obligated to carry out the terms of the trust in good faith and to the best of his or her abilities within reason. If the trustee makes informed decisions.
When a person dies and their estate enters into probate creditors will have the opportunity to file a claim against the estate. Anyone who has an action against the decedent may file a claim against the estate, including claims for breach of contract, torts, collection of a debt, and any other types of liabilities. Generally, the statute of limitations for probate claims in Illinois provides that a collector has up to two years following the death of the person in question to file a claim against the estate.
We offer free, paid & online consultation in nearly every area of law throughout Illinois and Iowa. We have a range of options to assist you with your legal needs.
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When someone dies their estate enters probate. The decedent’s assets will be distributed based on whether a will exists or not. Estate probate cannot be put on hold indefinitely because a family member or potential legatee believes a will exists somewhere. There are deadlines associated with estate probate in Illinois. Extensions can be granted, but typically the process must have started within 30 to 45 days after death. If no will can be found the assets will be will spread evenly to the appropriate family members by the estate administrator assigned to the case.
When drafting a trust, choosing the right trustee is a very important decision. This individual or entity will be tasked with following the responsibilities set forth in the trust. These responsibilities can be as simple as making sure the estate’s assets are properly disbursed among the beneficiaries, or as complex as overseeing the continued financial success of stocks, assets, investments, etc. The trustee is obligated to carry out the terms of the trust in good faith and to the best of his or her abilities within reason. If the trustee makes informed decisions.
Depending on the financial and familial needs of a client, there a number of options available in the estate planning process. One such tool is a spendthrift trust. A spendthrift trust can be considered a type of living trust. Ultimately, a spendthrift trust is a useful tool when the grantor wants to limit access of the assets to the beneficiary, avoid probate for the assets listed in the trust, and protect certain assets from creditors.
We offer free, paid & online consultation in nearly every area of law throughout Illinois and Iowa. We have a range of options to assist you with your legal needs.
We offer free, paid & online consultation in nearly every area of law throughout Illinois and Iowa. We have a range of options to assist you with your legal needs.
When someone dies their estate enters probate. The decedent’s assets will be distributed based on whether a will exists or not. Estate probate cannot be put on hold indefinitely because a family member or potential legatee believes a will exists somewhere. There are deadlines associated with estate probate in Illinois. Extensions can be granted, but typically the process must have started within 30 to 45 days after death. If no will can be found the assets will be will spread evenly to the appropriate family members by the estate administrator assigned to the case.
When drafting a trust, choosing the right trustee is a very important decision. This individual or entity will be tasked with following the responsibilities set forth in the trust. These responsibilities can be as simple as making sure the estate’s assets are properly disbursed among the beneficiaries, or as complex as overseeing the continued financial success of stocks, assets, investments, etc. The trustee is obligated to carry out the terms of the trust in good faith and to the best of his or her abilities within reason. If the trustee makes informed decisions.
Depending on the financial and familial needs of a client, there a number of options available in the estate planning process. One such tool is a spendthrift trust. A spendthrift trust can be considered a type of living trust. Ultimately, a spendthrift trust is a useful tool when the grantor wants to limit access of the assets to the beneficiary, avoid probate for the assets listed in the trust, and protect certain assets from creditors.
When someone dies their estate enters probate. The decedent’s assets will be distributed based on whether a will exists or not. Estate probate cannot be put on hold indefinitely because a family member or potential legatee believes a will exists somewhere. There are deadlines associated with estate probate in Illinois. Extensions can be granted, but typically the process must have started within 30 to 45 days after death. If no will can be found the assets will be will spread evenly to the appropriate family members by the estate administrator assigned to the case.
When drafting a trust, choosing the right trustee is a very important decision. This individual or entity will be tasked with following the responsibilities set forth in the trust. These responsibilities can be as simple as making sure the estate’s assets are properly disbursed among the beneficiaries, or as complex as overseeing the continued financial success of stocks, assets, investments, etc. The trustee is obligated to carry out the terms of the trust in good faith and to the best of his or her abilities within reason. If the trustee makes informed decisions.
Depending on the financial and familial needs of a client, there a number of options available in the estate planning process. One such tool is a spendthrift trust. A spendthrift trust can be considered a type of living trust. Ultimately, a spendthrift trust is a useful tool when the grantor wants to limit access of the assets to the beneficiary, avoid probate for the assets listed in the trust, and protect certain assets from creditors.
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