CALL (847) 253-7500 TO SCHEDULE AN APPOINTMENT WITH MR. SIEBERT

WHAT IS PROBATE ?

Probate is the Court process where an individual’s estate is wrapped upon death, including the collection of assets, payment of debts and the distribution of the balance to the beneficiaries.

WHAT IS THE PURPOSE OF PROBATE  ?

The purpose of probate is to determine who is rightfully entitled to the property of the deceased, including creditors.

MUST AN ESTATE BE PROBATED ?

Illinois probate is generally necessary when the aggregate value of the decedent's personal estate (all assets other than real property) is valued at $100,000 or more, and the assets are not in Trust or TOD accounts, then probate probably will be necessary.

WHAT DO I DO IF I DON’T KNOW IF PROBATE IS REQUIRED ? 

Call Mr. Siebert’s office at (847) 253-7500 and schedule an appointment.

IS HIRING A PROBATE ATTORNEY NECESSARY  ?

No. Most people choose to hire an attorney because the process can be very difficult for someone that does not have the necessary legal knowledge.

WHAT ARE THE STEPS INVOLVED IN PROBATE ?

1.       Filing of Will with Clerk of Court

2.          Preparation of documents to admit will or open intestate estate.

3.          Court Hearing to open estate.

4.          Notices to heirs and legatees.

5.          Publishing and mailing of Claims Notices

6.          Preparation of inventory

7.          Court Hearing if required in regard to validity of will or appointment of representative.

8.          Hearings on claims, if any.

9.          Six months after opening the estate at the end of the claims period, preparation of final account and estate closing documents

10.     Distribution of assets to heirs or legatees

11.     Court Hearing  to close the estate and discharge the representative.

HOW LONG DOES PROBATE TAKE ?

Probate at a minimum will take at least 6 months after the initial court date opening the estate. A more realistic minimum time would be 9 to 12 months. Probate can take a great deal longer depending upon issues that arise in the estate including claims, disputes between beneficiaries and the need for an ancillary estate. If an estate tax return is required to be filed, then the estate will likely remain open for at least 18 months.

HOW EXPENSIVE IS PROBATE ?

The expenses involved in Probate generally are the legal fees along with court costs. The amount of legal fees are generally based upon the time involved. The more complex the estate the greater the legal fees. Costs include filing fees, publication fees and surety bonds. 

IS AN EXECUTOR ENTITLED TO BE PAID ?

Yes.  Every executor and administrator is entitled to receive a reasonable fee for his or her services. 

IS A PERSON  NAMED AS EXECUTOR REQUIRED TO SERVE ?

No, you are not required to accept the role of executor.

WHAT IS ANCILLARY PROBATE ?

Ancillary Probate is probate in a state other than the decedent’s domiciliary estate. The majority of the decedent’s estate is probated in the state of his primary residence, however if the decedent owned real property in another state, it will be necessary to open an ancillary probate estate in the state.

WHAT IF I NEED HELP WITH PROBATE ?

Call Mr. Siebert’s office at (847) 253-7500 and schedule an appointment.

FOR MORE INFORMATION ON THIS SUBJECT  SEE PROBATE AND TRUST ADMINISTRATION OR TO SCHEDULE AN APPOINTMENT WITH MR. SIEBERT CALL (847) 253- 7500 TO DISCUSS THIS OR ANY OTHER MATTER OR CONTACTMR. SIEBERT’S OFFICE.