How Do I Settle An Estate After Someone Dies in Madison County, IL?
An essential part of estate planning is appointing an executor to handle the affairs of the estate. When someone dies in Madison County, IL, the executor of the person’s estate will have many responsibilities and will need to take several steps to settle the decedent’s estate. A brief overview of what you’ll need to do will help you make important decisions and ensure the wishes of the deceased are carried out.
Understand the Probate Process
When someone dies in Madison County, IL, their estate enters probate. The estate cannot be settled until going through probate. This is a process in which the property of the deceased is legally transferred to the beneficiaries and heirs. During this process, debts and taxes are paid, and debt owed to the estate are collected, and then assets are distributed.
Asset Inventory and Notification
Your job as the executor will require you to take an inventory of the estate’s assets. This will include cash, bank and savings accounts, real estate, life insurance, annuities, retirement accounts, and any other asset of value. To gather data regarding the assets, you’ll likely be required to provide to account custodians, such as banks and brokers, a copy of the death certificate along with letters testamentary. Appraisals may be necessary to set asset values. Creditors, heirs, and beneficiaries must also be notified that the estate has entered probate. It is also your responsibility to file taxes for the estate and pay any taxes and debts owed with money from the estate before distributing any money to beneficiaries.
You may find that the estate owes debts, such as taxes, which will need to be paid. You may need to liquidate the estate’s assets to settle debts in Madison County, IL. This might include selling cars, real estate, and any other asset that can be sold to pay off the estate’s debts. Once all debts have been settled, any assets that remain can be distributed to those named in the will according to the decedent’s wishes.
A living will can make the process of settling an estate less complicated. However, if you’ve been appointed as the executor of an estate, you might need expert legal advice to guide you through the complicated process of probate. An experienced estate lawyer can give you sound advice and assist you in settling the state and making sure everything is legal. Call the law offices of Michael J. Diaz to receive assistance with settling an estate.