Understanding Probate Laws in Chicago
When dealing with a deceased relative’s estate and the many issues that come with the death of a loved one, it’s difficult to deal with a lot of new information and decisions. Understanding legalese is hard enough under the simplest of circumstances, especially when dealing with loss. One aspect of that is the new Probate Laws in Chicago, related to how a person’s estate will get doled out.
What Is a Probate?
A probate is basically just the method that a deceased person’s estate is distributed and managed. It’s supervised by the court, which means the whole thing is a legal process. The responsibility lies with the deceased person’s executor, who will have to prove the validity of the will, have the assets appraised, pay any taxes on/with that money, and distribute it as the will determines.
When Is Probate Necessary?
Not very often, in fact. Many circumstances will actually make a probate unnecessary. For one, if anyone else owns the property with the deceased person, like a spouse, then a probate will not be necessary. The other, and more common, restriction, has to do with the amount. If the deceased person’s estate is less than a hundred thousand dollars, then a probate will not be necessary. If it is more, on the other hand, then there will be a court-supervised probate.
Who Is the Executor?
The crux of the probate is the executor. The requirements of a probate put a great onus on the executor, as they are the person that must interact with the court in every meaningful way, who must make sure everything is done properly with the will, and that all of the appraisal and distribution of assets is done efficiently. As to the identity of the executor, though, that is simply determined by the will. The deceased person has the right to choose who is the executor on their own estate. That means that it’s generally a bad idea to name a layperson as an executor. Usually, you will want to name a professional lawyer as your executor.
Dealing with probate laws in Chicago can be a labyrinth of legal issues, and you want the best representation to take care of your family in case you pass. Call Starr, Bejgiert, Zink & Rowells for competent and effective legal representation in the case of a probate. Visit our Google+ page for more details.