Glen Ellyn Probate and Trust Administration Attorney

Lawyer Providing Legal Help to Executors and Trustees in Glen Ellyn, IL

When a loved one passes away, a family member may be named as the executor of their estate. That role comes with a legal obligation to gather property, pay debts, and make sure the right people receive inheritances. In other cases, a family member may be named as the trustee of a trust, and they will need to understand the requirements they will need to meet as they manage assets and distribute them to beneficiaries. Mistakes made by executors or trustees can lead to delays or family conflict, and in some cases, a person could be held liable for failing to manage an estate or trust correctly.

At The McCormick Law Firm, LLC, our attorney can provide guidance to trustees or executors in Glen Ellyn and DuPage County. He understands how local courts handle probate matters, and he can help ensure that estate-related issues will be addressed correctly. He can also provide guidance on trust management, ensuring that trustees meet their obligations.

The Probate Process in Illinois

The process of settling a deceased person's estate is known as probate. When addressing estate-related issues for people who live in Glen Ellyn, probate cases are handled at the DuPage County Courthouse in Wheaton.

Certain assets that a person owned will be distributed through the probate process. However, probate may not be required for assets held in a trust, property that was owned jointly with a spouse, or assets with beneficiary designations, including life insurance policies or retirement accounts.

The probate process will typically be completed by the person who was named as the executor of a person's estate in their will. In cases where a person did not have a will or when the person named as their executor is unavailable, the probate court will appoint a personal representative of the estate. The probate process will generally involve the following steps:

1. Opening the Probate Case: The executor will file a petition to open a probate case and submit the will to the court.
2. Notifying Beneficiaries: The executor will provide notice to beneficiaries or other people who may expect to receive inheritances that the estate has been opened.
3. Notifying Creditors: The executor will also provide notice to any creditors who may have claims against the estate. In addition to notifying known creditors, a newspaper notice should be published to allow other creditors with outstanding debts to make claims.
4. Inventorying the Estate's Assets: Records related to all assets owned by the deceased person will be gathered by the executor. In addition to preparing records of all assets, appraisals may need to be performed to ensure that the value of assets will be recorded.
5. Paying Debts, Expenses, and Taxes: Valid claims by creditors will be paid from the assets in the estate. The executor will file tax returns for the estate and pay taxes that are owed. Other expenses related to the administration of the estate may be paid.
6. Distributing Property: Remaining assets will be distributed among the beneficiaries named in the will based on the instructions that have been provided. The executor will submit a final accounting to the court detailing how all assets have been distributed, and the probate case will then be closed.

The Duties of Trustees When Managing Trusts

When assets are held in trusts, they will not need to go through probate. Instead, a trustee will manage the assets and distribute them to beneficiaries while following the instructions provided in the trust document. In some cases, a person may be named as the successor trustee of a living trust, and they will take over management of the trust after the person who created the trust passes away or becomes incapacitated.

Trustees will have a variety of legal obligations, including:

• Duty of Loyalty: A trustee must act in the interests of the trust's beneficiaries. They are not allowed to use the assets in a trust for their own personal gain.
• Duty of Impartiality: When a trust has multiple beneficiaries, the trustee must treat each of them fairly without giving preference to specific beneficiaries.
• Prudent Administration: A trustee has the obligation to manage assets reasonably, taking the correct steps to ensure that they are invested, preserved, and distributed correctly.
• Duty to Inform Beneficiaries: A person appointed as a successor trustee may be required to notify beneficiaries and make sure they know about the assets in the trust and the ways assets will be distributed. Beneficiaries may request information about a trust or its assets, and a trustee will also be required to provide periodic reports of assets, income, and expenses to beneficiaries.

Problems Related to Estate or Trust Administration

Our lawyer can provide representation for executors and trustees, helping them meet their legal requirements, address potential disputes, and avoid complications. He can provide guidance on how to handle issues such as:

Will Contests and Family Disagreements

In some cases, family members may challenge a will because they believe it is invalid or because they are unhappy with the inheritances they receive. A person may claim that the deceased person did not have the proper mental capacity when the will was created, or they may believe that there was undue influence. An executor may need to respond to these challenges and take steps to show that a will is valid.

Conflicts may also arise over how property is divided. For example, a person's will may have left their home to three adult children, and one child may want to keep the home, while the others may want to sell it. An executor may need to help family members find solutions that will follow the instructions provided in a will while treating everyone fairly.

Creditor Claims and Insufficient Assets

An executor may need to decide whether a creditor's claim is valid or whether it should be disputed. When debts exceed the value of the estate, the executor will be required to follow rules for priority to determine how different debts will be paid.

Claims of Mismanagement

Beneficiaries may become frustrated if there are delays in distributing assets. They may accuse an executor or trustee of mismanaging assets or distributing assets incorrectly. Detailed records can help ensure that an executor or trustee will be able to show that they followed the terms of a will or trust correctly.

Contact Our Glen Ellyn, Illinois Estate and Trust Administration Lawyer

At The McCormick Law Firm, LLC, our lawyer can help ensure that the probate process will be completed successfully and that trusts will be administered correctly. He can help prepare and file court documents, communicate with creditors and beneficiaries, and assist with inventories and appraisals. He will make sure executors and trustees understand their legal requirements and provide guidance on how to handle major decisions such as selling real estate. If disputes arise, he can provide representation to help ensure that they can be resolved successfully.

If you have been named as an executor or trustee in DuPage County, The McCormick Law Firm, LLC is here to help you. Contact our Glen Ellyn, IL trust administration and probate attorney at 630-517-8570 to schedule a complimentary consultation.