In this article, the process of how an executor of an Lake in the Hills probate estate should handle real estate assets of the deceased. We answer the questions "what is an inventory of an estate?", "when does real estate have to go through probate in Illinois?", and "how should an executor distribute real estate in an Illinois estate?" We discuss how to find out what real estate a deceased individual owned, what to do with a decedent's real estate during administration of an estate, and notice of probate for real estate in Illinois.

Read the full article by our Lake in the Hills Real Estate Litigation Lawyers discussing how an executor should handle real estate probate

Property values in the past few years have plummeted, yet homeowners find themselves paying higher property taxes than ever before. Your property taxes are linked to the fair market value of your home; however, when the fair market value of your home is uncertain, the tax assessment may be inaccurate. Due to the slow-paced real estate market, fewer homes are being purchased, making it difficult to get a fair estimate of what someone might pay for a home in your area, let alone a home similar to yours. Assessors do not have the raw data to work with as they did in the past, so they must refer to outdated information and do the best they can. Therefore, because many homeowners feel they have more accurate information than the assessor, they decide to appeal the assessment of their property.

Read the full article by our Lake in the Hills real estate litigation attorneys regarding how to appeal your property tax assessment.

Trustee responsibility is fairly cut and dry when dealing with liquid assets like a checking account. However, the trustee's responsibility becomes more complicated when dealing with non-liquid assets like real estate.

If you are a trustee responsible for the administration of a trust after the passing of a loved one, you have a fiduciary duty to act in the best interest of the beneficiaries of the trust, within the limitations and instructions laid out by the trust document. If you are a trustee responsible for the administration of a trust after the passing of a loved one, you have a fiduciary duty to act in the best interest of the beneficiaries of the trust, within the limitations and instructions laid out by the trust document.  

Read the full article by our Lake in the Hills real estate litigation attorneys regarding a trustees responsibilities when selling real estate.