Serving Glen Carbon, IL and all communities throughout the Metro-East Area
What’s your plan for the end of your life? Do you know what will happen with your property, money, or other belongings? Let our legal team help you prepare you and your family for these unfortunate events and ensure that all your final wishes are carried out.
We’ll walk you through the entire estate planning process and ensure you understand all the important decisions you have to make. We help with matters of: • Wills • Trusts • Probate Administration • Powers of Attorney • Medical Directives
Estate Planning FAQ
What is probate & probate administration?
In the State of Illinois, probate is the legal process that is required for most deaths and oversees the process of dividing the deceased’s assets and debts among their surviving friends and family members. The probate process is handled by an executor who is named in the will or by the court.
The executor must complete the following tasks to satisfy the court:
• Prove the deceased person’s will is valid • Make a record of the person’s assets • Have an appraisal of the assets • Settle any outstanding debts and taxes • Distribute the remaining property
Is probate necessary for my case?
In the state of Illinois, a probate proceeding is necessary for situations in which the deceased person’s assets are owned solely (not jointly) and a total value of more than $100,000.
What is exempt from the probate process?
The following situations and scenarios may be exempt from the probate process:
• The deceased person’s assets are held in trust. • The deceased’s assets are owned in joint tenancy or tenancy by the entirety. • The assets are subject to a beneficiary account such as IRAs, 401ks, Etc. • Real estate assets are subject to a transfer-on-death deed.
Who is the probate administrator or executor?
The probate administrator or executor is whomever the deceased names in their will. This is usually done by a lawyer or close family member or friend that’s experienced in the probate process.
How are taxes handled?
Unfortunately, deceased peoples still owe taxes on any income and property that they owned. These things are usually paid with the liquidation of the deceased’s assets. Furthermore, estates of over $4 million are subject to an estate tax.
What is a contested will?
A contested will is one that is challenged by a friend or family member for a variety of different reasons. Someone may feel they should have inherited more, inherited something else, that there was a problem with the execution of the estate or some other reason.
Where do you go for your legal needs? At Action Law Center, independent lawyers are here to help with your legal needs. They serve a variety of needs across a range of legal topics. Also, they understand the value of quality and affordable representation and work to provide each client with the respectful and personalized assistance they deserve.