After a person has passed away they usually leave behind property and a will. Although in some cases it’s easy to transfer this property to a beneficiary or heir, this process can become complicated very quickly. Many heirs and surviving family members have a number of questions about this process. If you have any questions, you should talk with one of the Probate Lawyers in Lake County IL.
Is the probate process absolutely necessary for transferring property?
No. Many people don’t know much about the probate process because they’ve never had to deal with it. Fortunately, it’s not always necessary for an estate to be probated. If the estate is small, it can simply be handed over to the heirs or beneficiaries. Although the laws vary from state to state, most states allow estates valued at less than $100,000 to skip the probate process.
Who or what is an executor?
The executor is simply the person in charge of handling the estate and is an essential part of the probate process. In most cases, the deceased party will have named and appointed an executor for their will. The executor will be responsible for performing an inventory on the property left behind. Executors also have to account and pay for any debts that remain, and they’ll also have to file taxes. After all of this is done, the executor will transfer the remaining property to the heirs or beneficiaries.
What if the will doesn’t include an executor?
In the event an executor has not been named in the will, the courts will appoint an administrator. The appointed administrator will usually be a close relative of the deceased party. The administrator will be responsible for handling everything that would be taken care of by the executor. If you’re named as the administrator, work with Charles T. Newland and Associates to help you make the best decisions.
These were just a few of the topics many family members commonly have questions about. Again, if an estate is small enough, it doesn’t have to be probated. If a valid will was left behind, you’ll likely have to deal with an executor. If an executor isn’t named, then a family member will handle the probate process. Work with Probate Lawyers in Lake County IL to make sure the process is smooth.
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