The administration of an estate or trust is the process after death whereby the named executor or trustee carries out the wishes of the deceased individual (the "decedent") as set forth in his or her estate plan or the Illinois statute.
What is probate? Probate is the court-supervised process of transferring property from a decedent's estate to either (1) the decedent's beneficiaries as identified in the decedent's will, or (2) to the decedent's heirs if the decedent died intestate, or without a will. If probate of the estate is required, we work with the executor, preparing the court petition and all other court filings to open the probate estate, and making all court appearances. We advise and assist the executor with the administration of his or her duties, which include setting up a separate checking account for the estate, notifying heirs, publishing notice to creditors of the estate, preparing an inventory of all estate assets, resolving any claims against the estate, preparing formal accountings for beneficiaries, resolving tax issues, and ensuring that the distribution of estate assets conforms with the directions set forth in the decedent's will or trust.
We also counsel trustees regarding the administration of a decedent's trust. We inform the trustee of his or her responsibilities in administering the trust assets, as well as the tasks to be performed, including setting up a separate trust checking account, preparing an inventory of all trust assets, obtaining appraisals when needed, keeping beneficiaries informed, paying administration expenses, funding sub-trusts that may be created within the decedent's trust, accounting to beneficiaries, coordinating the preparation of fiduciary income tax returns, and distributing assets to beneficiaries.
If the value of the decedent's estate is such that estate tax returns are required to be filed, we will prepare and file the federal and state estate tax returns.
Contact our firm for your estate planning, estate and trust administration and business services needs.