The executor has probated the Will, sold the assets of the estate (for example, sold the house, liquidated the brokerage account, etc. In this case, the family members closest to the deceased share the right to appoint an administrator for the property. An affidavit summarizing the person’s estate, and how it should be distributed, is filled out and notarized. Once an Executor or Administrator is appointed by the Probate court, he/she is empowered under Illinois law to act as the official representative of the estate. Every state has some rules about who may serve as the executor of an estate that goes through probate. The specifics can vary depending on the size and nature of your estate, but in general, estate executor… Erica E. Lord . An executor is a fiduciary, and as such, has a duty to its beneficiaries to carry out the terms of a Will with the highest degree of fidelity and good faith. State law sets out guidelines for the fees an executor or attorney may collect from an estate. You also owe the beneficiaries a duty of loyalty and good faith. The Decedent’s Assets. Even if the Estate does not exceed $5,340,000.00, the executor may want to file a federal estate tax return to elect “portability.” b. 1. The Illinois Estate Tax exemption amount was $4,000,000. In Illinois, an executor has 60 days from the day he becomes executor to make an inventory of the estate. Select a probate attorney – As executor, you are entitled to hire an attorney and have the attorney’s fees paid (or reimbursed) from the estate’s assets. Rest assured that whatever step of the probate process you’re working through, there’s likely a form for it. In this article we will explain payment of executors and administrators in Illinois probate cases. In February of 2008, Sandra Relf was injured […] If you breach either of these duties, then the beneficiaries could sue you in court. ; ... Next, the executor must take inventory of the decedent’s entire estate and submit it to the court within the first 60 days of the executor … An executor is entitled to expend estate funds to be represented by an attorney. ), set up an estate bank account, and deposited the $400,000 into the estate bank account. I. The executor must prepare and file a federal or state estate tax return, or possibly both if the estate exceeds either of these tax exemptions. The executor of an estate is a person named in the decedent's will to manage the distribution of the estate's assets. The federal government and the State of Illinois both will collect estate tax on inheritance from a deceased person. Becoming an Estate Executor. In Cook County, probate judges generally will not allow an executor to file pro se. b. As Executor, you've been given the duty to manage the estate and carry out the directions of the will; however, a court may require official documentation. The decision to serve as an estate executor should not be taken lightly: it is a significant responsibility, and requires substantial effort.. Additionally, the executor must directly inform known creditors and publish a notice in the local newspapers to alert any unknown creditors of the proceedings. The State of Illinois also has an estate tax return with the same deadline, but that must be filed if the estate is in excess of $4,000,000.00. If a person dies without a will, he or she has also likely not named an executor for the estate. An executor of the estate is named to dictate who gets what property upon the death of the deceased. An Illinois Executor's Responsibilities. Since you know that you are the Executor, you should locate the original Last Will, and get a general idea in regard to the amounts of her assets and liabilities. When you die, an executor must collect your remaining assets, pay your creditors, and distribute your property according to a will -- or if you do not leave a will, according to state law. Illinois Intestate Estate vs. an Estate with a Will When the deceased person died with a valid will in place, the will directs the administration of the estate, from the appointment of an executor … The executor or administrator of an Illinois probate case are known as the personal representative of the estate. period. Illinois Executor Deed. An executor is entitled to a 6% commission on any income that the estate earns. We answer: What is Probate? Basic Requirements for Serving as an Illinois Executor. The quintessential executor misconduct occurs when an executor tries to steal assets from an estate. While actual calculations are more complex, examples include 5% of amounts received or paid out in cash for Texas estates, or 4% of gross value for CA estates worth <$100K. The Executor must identify, locate and secure all the estate assets and then figure out which ones are probate assets. Here are the requirements in Illinois. The final accounting to the probate court must include estate checking account statements, invoices, receipts, financial statements, gains or losses on sale of assets, bills of sale and other items applicable to the particular estate. We’ll go over some of the most important forms here. Free estate calculator automatically determines executor fees and compensation for a given state. If that person is not qualified, or if the decedent dies without a will, then Illinois law provides an order of preference to determine who serves as the administrator or executor of the probate estate. When someone dies without a will, probate court can step in to select someone to perform these duties or a loved-one can volunteer to fill the vacancy. Naming an Administrator for an Illinois Estate. If you would like to learn more about the role of an Executor, visit our pages on how to be appointed Executor in an Illinois Estate or what an Executor does in Illinois. In Relf v. Shatayeva, 2013 IL 114925, the Illinois Supreme Court refined its analysis of the Illinois Code of Civil Procedure when a plaintiff mistakenly sues a decedent, and offered insight into how it interprets the Illinois Compiled Statutes by analyzing indirectly related statutory provisions for guidance. In Illinois, an executor files with the local county court and opens a probate case. The executor must notify the beneficiaries and inheritors of the estate of the probate proceedings. Nuts & Bolts of Illinois Probate Estate Administration . An estate tax is imposed on the value of property when a person dies before any property is inherited. The personal representative of an Illinois probate estate is entitled to receive compensation from the estate for his or her efforts. Misappropriation of Funds. 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