Wheaton, IL Probate and Trust Administration Attorney

Lawyer Helping Executors and Trustees Carry Out Their Duties in Wheaton, Illinois

When a person passes away, their loved ones will need to take a variety of steps to address the issues related to their estate. While a person may have created an estate plan detailing their instructions for how their assets should be handled, the specific procedures that will need to be followed will depend on how their estate plan was structured. Certain assets may need to go through probate before they can be distributed to a person's heirs, while different procedures will be followed when managing and distributing assets that are held in trusts.

Different rules and responsibilities will apply to executors who handle the probate process and trustees who oversee trusts. People who serve in either of these roles will need to understand what steps they must take to carry out their duties correctly, follow a person's wishes, and protect the interests of beneficiaries.

At The McCormick Law Firm, LLC, our attorney works closely with executors and trustees in Wheaton, throughout DuPage County, and in other parts of Illinois. He has years of practical experience addressing concerns related to estate planning and estate administration. He will take the time to explain the steps that will need to be followed in these cases while addressing potential complications or other issues that may affect executors, trustees, or beneficiaries.

Probate Versus Trust Administration: What Is the Difference?

Probate is a court-supervised process that is used to settle an estate and carry out the instructions provided in a person's will. An executor or personal representative will manage the estate and distribute assets to beneficiaries. This process will typically involve filing the will in probate court, notifying heirs and creditors, taking an inventory of the estate, and obtaining formal approval from the court before assets can be distributed.

Trust administration can generally proceed without the need for a court to become involved. When a person creates a trust and funds it with their assets during their lifetime, those assets will not be considered part of the probate estate. Instead, a trustee will manage the assets and distribute them to beneficiaries according to the specific terms of the trust.

Duties of an Executor During the Probate Process

An executor who has been named in a will or appointed by a probate court will be responsible for managing an estate. Their duties while doing so will generally include:

• Filing the Will: The probate process will begin when the executor files the will with the county probate court. The court may then formally appoint the person as the personal representative of the estate.
• Notifying Interested Parties: All beneficiaries named in the will must be notified, and the executor will also notify other family members who would typically stand to inherit property. They will also take steps to notify creditors, which is usually done by publishing a notice in a local newspaper.
• Inventorying Assets: The executor will identify and catalog all assets in the probate estate. These assets may include bank accounts, real estate property, vehicles, and personal belongings.
• Paying Debts and Taxes: The executor will pay any valid claims made by creditors using the estate's assets. They will also file all tax returns that are required and pay any applicable taxes.
• Managing and Distributing Property: The executor will oversee the estate's assets throughout the probate process, making sure they are managed correctly and preserving their value. Once debts, taxes, and other expenses have been paid, they will distribute the remaining assets while following the instructions left in the will.
• Filing Final Accountings: The executor must provide the court with a full accounting of the assets in the estate, the expenses that have been paid, and the distributions made to beneficiaries before the estate can be closed.

Issues Trustees Must Address When Managing and Distributing Trust Assets

Trustees will have many of the same types of responsibilities as executors, but the steps they will need to follow will be different. They generally will not have to file documents in court or receive approval while making distributions. However, they will be bound by the terms of a trust and required to act in the best interests of beneficiaries. Issues that may arise during trust administration include:

• Reviewing the Trust Document: The trustee will need to understand the terms of the trust, including how and when assets should be distributed to specific beneficiaries.
• Notifying Beneficiaries: A trustee will be required to inform beneficiaries about the existence of the trust while making sure they understand when distributions will be made.
• Managing Trust Assets: A trustee must invest and manage the assets in a trust prudently. They may need to manage real estate property, investment accounts, or a family business.
• Paying Trust-Related Expenses: Certain types of outstanding debts, taxes, and administrative costs may need to be paid before assets can be distributed to beneficiaries.
• Avoiding Conflicts of Interest: A trustee is held to a high standard of loyalty, and they cannot favor one beneficiary over another or take actions that would benefit themselves at the expense of the beneficiaries.
• Keeping Accurate Records: A trustee will need to keep detailed accountings of income, expenses, and distributions, and they must provide this information to beneficiaries upon request. Keeping proper records can help prevent disputes and make sure assets will be distributed correctly.

How Our Attorney Helps Executors and Trustees Protect Beneficiaries

Serving as an executor or trustee is an important responsibility. Any mistakes made during the process of administering an estate or trust can lead to delays or disputes with beneficiaries. An executor or trustee may be held personally liable if they have allegedly mismanaged assets or failed to follow instructions correctly.

At The McCormick Law Firm, LLC, our lawyer can help clients understand their requirements at every stage of the process of administering an estate or trust, from filing the initial paperwork to preparing final accountings. He will review wills and trust documents closely, take steps to identify any assets that may have been overlooked, make sure all accountings are prepared and filed correctly, and provide practical strategies for how any disputes may be resolved.

Addressing Minor Guardianship Concerns During Estate Administration

Estate and trust administration can become more complicated when minor children are involved. A will may nominate a person who will serve as the guardian of minor children after parents pass away. A guardian of the estate may be appointed to manage inheritances left to minors. A guardian of the person may be appointed to provide daily care and supervision for a child. Depending on the situation, the same person may serve in both roles, or different people may be appointed to handle financial matters and personal care.

When one parent is still alive, that surviving parent will usually be able to assume custody of their child. However, if a parent is unavailable or unwilling to provide care or handle financial matters for a child, a different person may be appointed as a guardian.

In some cases, questions may arise about how inherited assets should be managed on a child's behalf, including in a situation where a child is the beneficiary of a trust. Our attorney can help families sort through these situations, taking steps to establish guardianship when necessary, ensuring that a trustee can coordinate with a surviving parent, or addressing other concerns related to trust distributions or inherited assets.

Contact Our Wheaton Trust Administration and Probate Lawyer

Executors and trustees play important roles in handling assets and making sure they are distributed correctly. At The McCormick Law Firm, LLC, our lawyer can provide the legal guidance needed to handle concerns related to the administration of an estate. To learn more about the services that our firm provides, contact our Wheaton, IL estate administration attorney at 630-517-8570 and arrange a free consultation.