The Real Estate After Death, What Dale Can Do For You!
If you have recently lost a Parent or Loved-One, and now must go through the stressful and time consuming Illinois probate process, it’s time to call me at 708-439-0165 - email@example.com with the experience to help you, and get your questions answered today.
You may have a lot of unanswered questions when it comes to certain aspects of Elder Law. I understand this is a worrying and difficult time, and always here to help.
As a Certified Probate Real Estate Specialist (CPRES) I am an expert in my field. My job is to inform you of the most accurate and up to date information that is currently available. If, however, you would prefer to discuss your issues directly, I welcome you to call me 708-439-0165 - firstname.lastname@example.org. I am a ...
CERTIFIED PROBATE SPECIALIST SERVING THE CHICAGO AREA
PROVIDES TIMELINE OF PROBATE PROCESS
RESOURCING EXECUTOR'S DUTIES AND/OR ADMINISTRATOR'S RESPONSIBILITIES
COORDINATES PURCHASING PROCESS OF HOME
EXPLAINS PROBATE TERMS
MAINTENANCE OF HOME RECOMMENDATIONS
COMPLIMENTARY PROBATE MARKET EVALUATION OF HOME (PCMA)
EFFECTIVE PLAN FOR MARKETING HOME
STAGING OF HOME
GUIDANCE ON MISTAKES NOT TO MAKE, AND EXTRA EXPENSES TO AVOID
GIVE ME A PHONE CALL TODAY, AND I WILL BE GLAD TO GIVE YOU THE DETAILS YOU NEED, TO CONVERT AN ESTATE RESOLUTION PROBLEM INTO SUCCESSFUL SOLUTION! 708-439-0165 - email@example.com.
Probate (Death Intestate) – Death Without a Will or Living Trust - (The following information is graciously provided by ChicagoEstateLawyer.com).
If you don’t have a will or living trust in place when you pass away, your assets are subject to Illinois’ intestacy laws. Even if you have written a will but not a living trust, your assets will likely go to probate. These laws determine which parties are to inherit a deceased individual’s assets depending on which descendants he or she has. This can be contested in probate court, but it is an expensive and lengthy process.
Probate is the process through which the court identifies and appraises a deceased individual’s assets, then pays the associated taxes and debts, followed by distributing the remaining assets to the deceased’s beneficiaries. Choosing an experienced Probate attorney in Joliet to help you draft or modify your plan can reduce or even eliminate the need for an estate to go through probate, which can be expensive for the deceased’s family and potentially create family arguments and problems.
After receiving assets, whether through a will or intestacy succession, beneficiaries can be subject to estate taxes if the deceased did not take careful measures to reduce or eliminate these taxes. In some cases, receiving assets can put a beneficiary deep into debt.
Probate is the legal process through which a deceased individual’s heirs receive his or her assets. It also ensures that the deceased individual’s outstanding debts and taxes are paid off using funds from his or her estate. In short, it is the court process used to oversee the “tying up” of any issues that need to be resolved after an individual’s death. The probate process is lengthy and very court-process intense. Our qualified Chicago probate lawyers can assist you with organizing this process including: handling all court appearances, probate filings, public notices, assigning an “Executor” (successor trustee) and also litigating any claims against the estate from creditors or family members.
Assets NOT Subject to Probate
Jointly owned assets are not subject to probate. In Illinois, probate is only necessary if the deceased’s solely owned, nonexempt assets are worth $100,000 or more.
The following assets are not subject to the probate process. These assets instead pass directly to their named beneficiaries:Assets held in trusts, such as revocable living trusts;
Assets with designated beneficiaries, such as payable-on-death bank accounts and retirement plans with named beneficiaries;
Jointly held assets; and
Real estate properties with transfer-on-death deeds
How the Probate Process Works
It is a common misconception that having a will eliminates the need for an individual’s assets to go through probate. What a Will can actually do is make the probate process easier by providing clear instructions for the court to follow when distributing a deceased individual’s assets to his or her loved ones.
In Illinois, when a Will is not present probate is handled by the circuit court of the county where the deceased individual resided. A qualified family member, usually next of kin, files a petition with the court to become the “successor trustee” and usually works with a lawyer experienced in probate law to complete this process. This typically includes notifying all of the deceased’s heirs, and creditors are also notified through an approved method like a newspaper ad. Often, the successor trustee is given authority to liquidate assets including real property, and to hold funds in a trustee bank account until all creditor claims are resolved and a final distribution can be made to the rightful heirs.
Probate can be a fairly straightforward process, but still takes about 12 – 18 months or longer to complete. When there are no conflicts between the deceased’s heirs, the estate’s successor trustee can usually complete the payment of the deceased’s debts and distribution of the assets to his or her heirs without much court oversight. When there are conflicts to work through, the court may supervise the process and require the executor to receive court approval before taking any actions or distributing any funds. Once the process is complete, the executor files a final account of the assets and how they were handled with the court. After accounting for the distribution of the final assets, the court can close the estate. If you’re in need of a highly qualified probate attorney in the Chicago area, contact me 708-439-0165 - firstname.lastname@example.org for a qualified attorney today.
What Is Another Explanation of Probate? (provided by the gracious courtesy of Delaney Delaney & Voorn):
Probate is the process by which the Probate Court identifies a decedent’s heirs and determines the validity of the decedent’s Will. It also identifies someone to be responsible for administering the probate estate (called an Executor if there is a Will or an Administrator if there is no Will), and supervises the administration of the decedent’s probate estate.
Technically, probate also includes guardianship petitions and administration. When people speak of “Probate” however, they are typically referring to the administration of decedent’s estates.“What is the difference between probate and non-probate property?”
Generally, a “decedent’s estate” consists only of assets titled in the decedent’s sole name, payable to the decedent’s estate, and real property held as “tenants in common” with another person.
In certain instances, joint tenancy property may be a “probate” asset if the decedent included the survivor’s name on the account merely as a “convenience”, with no intent to transfer the property to the other upon death.
“Is probate always necessary?”
In Illinois, if the total amount of these assets of the decedent, in the aggregate, exceed $50,000, a probate estate must be opened.
Generally, if the estate is less than $50,000, a person (known as an “affiant”) may use a “small estate affidavit” to transfer such assets. A real estate titled in the decedent’s name, however, or as tenants in common, (either in Illinois or another state), generally cannot be passed using a small estate affidavit. Furthermore, an executor may choose to open a probate estate even if they are not required. An example of this would be if it is desirable to cut off creditor’s claims or to resolve a family dispute over the will.
Please note, that even if a probate estate will not be opened, if the decedent had a Will, it must be filed in the decedent’s last county of residence (concealing a Will can be a felony).“What if the decedent owed money at death?”
Part of the probate process includes creditors being notified of the death. They must then file a claim for the amounts due and If the claim is approved by the executor, the bill is paid out of the estate. If the claim is rejected, creditors must sue for payment. If there are insufficient funds to pay debts, states have various statutes establishing who gets paid first. Executors are most likely to commence the sale of a property to pay off approved creditor claims. Any claims remaining are pro-rated.“What about taxes?”
For federal and state tax purposes, a death will initiate two events:•It ends the decedent’s last tax year for purposes of filing an income tax return.•It establishes a new, separate entity for tax purposes, the “estate”.
For Federal tax purposes, it may be necessary to complete and file one or more of the following, depending on the decedent’s income, the size of the estate, and the income of the estate:•Final Form 1040 Federal Income Tax return.•Form 1041 Federal Fiduciary Income Tax returns for the estate.•Form 709 Federal Gift Tax return(s).•Form 706 Federal Estate Tax return.
For state purposes, an executor must file the appropriate state income tax return plus possible estate tax, inheritance tax and gift tax returns. In many states, gift, estate and inheritance taxes have been eliminated for most small and medium-sized estates.
The requirements for filing and payment vary widely from state-to-state.
Other Legal Referrals I can help you with like ...
If you serve as a trustee of a trust or as a Personal Representative of a Decedent's estate, you face many complicated responsibilities. I can assist and advise you by, among other services, recommending an Attorney specializing in Probate handling the following: preparing estate and inheritance tax returns; post-mortem estate planning, such as the use of disclaimers; probate administration, including appointing Personal Representatives and preparing and filing accountings and inventories; trust administration; re-titling and transferring assets to trusts and other beneficiaries; preparing trust and estate income tax returns; and transitioning businesses to the next generation.
The Attorney I recommend will work with you to make sure that a Decedent's estate planning goals are accomplished and that the necessary taxes are timely paid. In addition, the Attorney will have experience serving as Personal Representatives and trustees, and take seriously the obligations that such appointments impose.
The Attorney I recommend is extensively experienced in all aspects of probate, estate settlement and trust administration, and guides families and fiduciaries through the difficult time following the death or disability of a loved one. The Attorney I recommond will represent and provide legal advice to both individuals and institutions, including serving as general counsel for trust companies and other professional fiduciaries.
Further Navigating Probate...
When probate is necessary, the Attorney I recommend will guide clients through the probate administration process and handle required court proceedings and filings. An Experienced professional may assist in collecting and transferring assets and resolving creditor claims. Partnering with the estate’s accountants, the Attorney may coordinate any required estate tax, state inheritance tax and fiduciary income tax returns to ensure that tax matters are handled advantageously. If necessary, will team with a Tax Accountant to represent the fiduciary in an audit by the IRS or state tax collection agencies.
What is the Process of Probate?
Probate is the legal process by which the court system distributes your property, pays your debts, and settles disputes after your death. Not all property passes through probate. Property held in Trust, jointly with rights of survivorship, or in transfer on death accounts generally is not subject to probate. However, most individually held property above a certain cumulative value is subject to probate. While probate is not necessarily a pleasant experience, it is frequently misunderstood. With the assistance of an experienced attorney, the problems of probate can be eased, if not eliminated entirely.
If a Trust was created as part of the decedent’s Estate Planning then generally there will be no need for Probate, however it will be necessary for the Successor Trustee to do Trust Administration. If the decedent did not create a Trust, but did prepare and leave a valid Last Will and Testament, then Probate will frequently be required. There are two types of probate estates: intestate estates, where the decedent died without a Last Will; and testate estates, where the decedent had a Last Will. If the Decedent Testate Estates and Intestate Estates are handled similarly, but with some fundamental differences.
Defining the Types of Probate...
An intestate estate is opened for a person who dies without a will. In that case, Illinois law controls and determines who is in charge of the estate, which creditors get paid, how much they get paid, in what order they get paid, which heirs receive the decedent’s assets, and in what proportions. If a family member dies without a will, contact an attorney immediately to discuss the impact the Probate Act and Illinois law will have on the estate.
If the decedent did Estate Planning during their life, A testate estate is one where the decedent died leaving a Last Will and Testament. The person’s Will names the Executor, who is the person the court will appoint to collect the decedent’s assets, pay bills, resolve disputes, and ultimately pay out the assets to the individuals the decedent named in his or her Will.
Bigstock-Probate-Concept-103846400-Further, each of these types of probate may be supervised, or independent administration. As the names imply, a supervised administration is one where the court is more involved in each aspect of the estate proceedings. Accordingly, supervised administrations are much more expensive, and therefore should not be used unless there is an overwhelming reason to do so. Generally, both the estate’s and the family’s needs are more satisfactorily handled by having an independent administration, whether the estate is intestate or testate.
The Court Process
The probate process begins with the opening of the estate. The person seeking to open the estate will file the appropriate petition with the Circuit Court Clerk in the county of the decedent’s legal residence at the date of death, along with numerous other legal papers. The petition will be set for hearing before the appropriate court, at which time the Judge will review the documents, determine that the proper individual is bringing the petition, that any surety on any bond required is obtained, and that the decedent’s heirs are properly identified. If everything is in order, the Judge will order the estate open and issue letters of office to the individual bringing the petition.
Notices must be sent to all heirs and legatees or, if not, the person bringing the petition must obtain their waiver and consent to probate and the appointment of the administrator or executor. In addition, notice of the opening of the estate must be given to the public so that decedent’s creditors may make their claims against the estate. This notice to the public is generally accomplished by publishing a notice in a newspaper which meets certain statutory requirements. The opening of the estate and the publishing of the notice, begins the six month claims period, in which creditors must file their claims against the estate or be barred forever from asserting said claims.
Next, if there is no challenge to the will, the named executor or appointed administrator or personal representative, will receive Letters of Office which give authority to act on the decedent’s behalf. The personal representative then begins to collect and preserve the assets of the decedent, paying the decedent’s taxes and debts, and then distributing the remaining assets. The personal representative is under an affirmative duty to use due diligence in going through the decedent’s paperwork and effects to determine who is, or might be, a creditor, and thus is entitled to actual notice of the probate proceedings.
The personal representative must do an inventory of the decedent’s assets, and keep track of records of all the transactions of the estate. A personal representative will prepare inventories, an accounting and reports to present to the heirs, legatees and/or the court, depending upon the type of probate proceedings. A personal representative will also be responsible for filing the appropriate taxes for the estate. Generally the estate needs to file income tax for the decedent for the year of death, and perhaps the year prior to death. In addition, depending upon the size of the estate, the personal representative will have to file Federal and Illinois Estate Tax returns.
After all claims are paid, all disputes resolved, and the inventory and the accounting are complete, the personal representative can distribute the estate. The estate will be distribute in conformity with the plan laid out in decedent’s will in testate proceedings, or as provided by Illinois statute in intestate proceedings. The personal representative may be responsible for funding any testate trusts, including any trusts for the decedent’s children.
Bigstock-Single-Or-Divorced-Woman-Alone-84228035-The probate process takes anywhere from a minimum of six months up to several years, depending upon the size and complexity of the estate. Realistically, the fastest an estate will be completed is nine months after the decedent’s death, and usually it is slightly longer. Estates where Federal Estate taxes have to be filed usually take at least eighteen months depending upon the type of assets held and the speed of the IRS. In any case, the aid of an attorney goes a long way in smoothing out, if not eliminating the problems which may arise in the probate process. The above information provided by the courtesy of the Law Office of James C. Siebert & Associates, P.C. /Elder Law & Estate Planning Attorneys of Illinois, P.C. at (847)253-7500 today to schedule an appointment with an experienced Probate Attorney.
20 TIPS FOR SELLING YOUR HOME
As a Personal Representative, Designated Executor, or homeowner, you can play an important part in the timely sale of your property. When you take the following steps, you’ll help your RE/MAX Sales Associate sell your home faster, at the best possible price.
The easiest and most reliable way to improve the appeal of your home is to enlist a quality home service professional. The right professional can help you get everything in order - from repainting the kitchen to providing a thorough cleaning - so you can stay focused on more important things.
Make the Most of that First ImpressionA well-manicured lawn, neatly trimmed shrubs and a clutter-free porch welcome prospects. So does a freshly painted – or at least freshly scrubbed – front door. If it’s autumn, rake the leaves. If it’s winter, shovel the walkways. The fewer obstacles between prospects and the true appeal of your home, the better.
Invest a Few Hours for Future DividendsHere’s your chance to clean up in real estate. Clean up the living room, the bathroom, the kitchen. If your woodwork is scuffed or the paint is fading, consider some minor redecoration. Fresh wallpaper adds charm and value to your property. If you’re worried about time, hire professional cleaners or painters to get your house ready. Remember, prospects would rather see how great your home really looks than hear how great it could look "with a little work."
Check Faucets and BulbsDripping water rattles the nerves, discolors sinks, and suggests faulty or worn-out plumbing. Burned out bulbs or faulty wiring leave prospects in the dark. Don’t let little problems detract from what’s right with your home.
Don’t Shut Out a SaleIf cabinets or closet doors stick in your home, you can be sure they will also stick in a prospect’s mind. Don’t try to explain away sticky situations when you can easily plane them away. A little effort on your part can smooth the way toward a closing.
Think SafetyHomeowners learn to live with all kinds of self-set booby traps: roller skates on the stairs, festooned extension cords, slippery throw rugs and low hanging overhead lights. Make your residence as non-perilous as possible for uninitiated visitors.
Make Room for SpaceRemember, potential buyers are looking for more than just comfortable living space. They’re looking for storage space, too. Make sure your attic and basement are clean and free of unnecessary items.
Consider Your ClosetsThe better organized a closet, the larger it appears. Now’s the time to box up those unwanted clothes and donate them to charity.
Make Your Bathroom SparkleBathrooms sell homes, so let them shine. Check and repair damaged or unsightly caulking in the tubs and showers. For added allure, display your best towels, mats, and shower curtains.
Create Dream BedroomsWake up prospects to the cozy comforts of your bedrooms. For a spacious look, get rid of excess furniture. Colorful bedspreads and fresh curtains are a must.
Open up in the DaytimeLet the sun shine in! Pull back your curtains and drapes so prospects can see how bright and cheery your home is.
Lighten up at NightTurn on the excitement by turning on all your lights - both inside and outside - when showing your home in the evening. Lights add color and warmth, and make prospects feel welcome.
Avoid Crowd ScenesPotential buyers often feel like intruders when they enter a home filled with people. Rather than giving your house the attention it deserves, they're likely to hurry through. Keep the company present to a minimum.
Watch Your PetsDogs and cats are great companions, but not when you're showing your home. Pets have a talent for getting underfoot. So do everybody a favor: Keep Kitty and Spot outside, or at least out of the way.
Think VolumeRock-and-roll will never die. But it might kill a real estate transaction. When it's time to show your home, it's time to turn down the stereo or TV.
RelaxBe friendly, but don't try to force conversation. Prospects want to view your home with a minimum of distraction.
Don't ApologizeNo matter how humble your abode, never apologize for its shortcomings. If a prospect volunteers a derogatory comment about your home's appearance, let your experienced RE/MAX Associate handle the situation.
Keep a Low ProfileNobody knows your home as well as you do. But RE/MAX Sales Associates know buyers - what they need and what they want. Your RE/MAX Associate will have an easier time articulating the virtues of your home if you stay in the background.
Don't Turn Your Home into a Second-Hand StoreWhen prospects come to view your home, don't distract them with offers to sell those furnishings you no longer need. You may lose the biggest sale of all.
Defer to ExperienceWhen prospects want to talk price, terms, or other real estate matters, let them speak to an expert - your RE/MAX Sales Associate.
Help Your AgentYour RE/MAX Associate will have an easier time selling your home if showings are scheduled through his or her office. You'll appreciate the results! CALL ME TODAY 708-439-0165 - http://usprobateservices.org/daletaylor
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