After the death of a loved one, you may face the daunting task of settling his or her estate and deciding what happens to personal property. This is not an easy task, even if the decedent left clear instructions in his or her estate plan regarding these matters. There is much more involved with the estate administration process than simply dividing assets among heirs. There are legal requirements you must meet before things can be final.
In many cases, an estate cannot be settled without certain assets going through the probate process. This is a requirement that involves verifying the will and taking other steps. The decedent can appoint an executor, which is a person who oversees estate administration and probate. If the decedent specifies no one, the court will appoint an individual to act in this capacity.
The length of the probate process
Many people dread probate because they assume it will be a lengthy and complex process. It involves filing the will with the court, notifying creditors, paying off remaining debts, filing a final tax return and more. While each situation is different, the following can affect how long the probate process may take:
- Mismanagement of the estate property
- Size of the estate
- Transfers of property made outside of probate
- Problems with real estate that would affect transferability of title
- Difficulty locating real property mentioned in the will
- Questions about the validity of the will
- Disputes among creditors
- Tax problems that make it difficult to file a final tax return
Due to the potentially complex nature of the probate process and the legal requirements that one must meet, it is often beneficial for an executor to have experienced guidance as he or she navigates this process. This may reduce complications and provide knowledgeable insight should challenging circumstances arise.
The legacy of your loved one
Administering the estate of a loved one after a death can be a lengthy and potentially complex process. There can be strong emotions involved, and you want to make sure that the wishes of your loved one are honored appropriately. If you are the executor of an Illinois estate or an interested party, you may benefit from seeking insight regarding how you can protect your rights and interests at every step.
