Dealing with the death of a parent can be devastating. Once the funeral is over, the closing of the estate begins. If your parents had a will, the executor may have information regarding all aspects of the estate. If you are the executor, you must deal with your emotions and the business side of losing a loved one. We often get asked, ‘What do I do with my parent’s bills after they die’? Many people are unsure if they are responsible for their parent’s unpaid debt. What To Do With Your Parent’s Bills After They Die In Illinois, a child is not responsible for their parent’s unpaid bills… but th ..read more

Preparing for or going through the probate process can be overwhelming and a probate attorney can help you through the process. Did you know that all estates with a value of over $100,000 must go through probate court in Illinois? When working with the court system, it usually helps to have a lawyer on your side. But there are some specific times when you may want to hire an Illinois probate attorney. When You Might Need an Illinois Probate Attorney There are several different situations when you might want to contact an Illinois probate attorney, including: To help the executor of a will. If ..read more

When setting up your estate plan, you want to make everything as easy as possible for those you leave behind. You hate to think that your loved ones must wait for and pay for probate court before they can settle your estate. But there are ways around this. In this article, we will talk about 3 ways to avoid probate in Illinois. How to Avoid Probate in Illinois Even if you have a will, the probate court will step in to ensure the will is executed correctly. But this could cost your loved one’s court fees and the time it takes for the court to process your will. Many people work with an experien ..read more

The reading of a will can be an emotional turmoil. The reality is that not everyone in your family may agree with the terms created in a will and choose to contest it. There are legitimate reasons why someone may want to contest a will in Illinois and ensuring that the will is contested within the legal timeframe can be critical to successfully challenging the will. Contesting a will is when you legally challenge the will in court. When to Contest a Will The person who wishes to contest the will must be personally impacted by the will, ie have ‘standing’ with the court. This can include heirs ..read more

When building your estate plan, you want to leave the most money you can to your heirs. But you also want to ensure they are not heavily taxed when they receive your assets. One way to reduce your heir’s taxes when they receive your benefits is to move your traditional IRA accounts to Roth accounts. Difference Between a Traditional IRA and a Roth IRA You may have started with a Traditional Individual Retirement Account (IRA). In fact, some businesses are now offering estate planning as a benefit to help their employees plan for their retirement. But now may be the time to roll it over to a Rot ..read more

It is a myth that if you have a will, your estate will not go through probate. Fact: Probate is the legal process for the court to put the conditions of your will into effect. If you have a will, those assets only covered in your will go through probate court. During the probate process, the court makes sure any taxes and debts owed by the deceased are paid, and any assets left after taxes and debts are paid are given to the beneficiaries named in the will. Not every estate needs to go through probate. Formal probate is typically required only when the assets solely owned by the deceased are ..read more

When someone passes away, probate is the official legal process to ensure that taxes and debts are paid and that all remaining assets are distributed in accordance with the law. Generally, the person named as executor in the deceased person’s will is responsible for handling the probate and closing probate so the heirs can receive any inheritance. The executor can close the estate and end probate after they have paid all debts and taxes and completed all of their other duties before distributing any assets. After probate is closed, heirs and creditors have a time period to review the documents ..read more

I want to avoid estate taxes and probate costs. Should I make my child a co-owner of my financial accounts – he’s going to inherit it anyway? Making your adult child the co-owner of your assets sounds like a good idea – but in fact, it’s a very bad idea. If your child is involved in a lawsuit or other financial entanglement, your assets are also his assets – and can go to his creditors. And as a result, you could lose all your hard-earned property! An alternative is to make your adult child a power of attorney so they can make sure the bills are paid and your family is protected while your est ..read more

I was named the Executor of my brother’s will, but I don’t live in Illinois. Do I have to live in Illinois to be the Executor of my brother’s will?  I’m very sorry about the loss of your brother. You can be a great comfort and support to his family by handling the duties of Executor of his will. Until the time comes, many people are confused about the role and duties of the Executor of an estate. A person does not have to live in Illinois to serve as the Executor of an Illinois will. In Illinois, the qualifications to be the Executor of a will are they must be: • at least 18 years old • a ..read more

When a person dies, someone has to have the responsibility of closing the deceased’s estate – paying taxes, distributing property and other assets, settling debts and other responsibilities. The person who is responsible for closing the estate is called the executor, and they might be named in the deceased’s will or trust document or they could be appointed by the probate court if the person died intestate (without a will). Often the executor of the will is a close family member, or a trusted friend or advisor. The executor of the will is responsible for seeing that all state, federal and inhe ..read more