The “Classes” of Creditors

The Classes of Creditors

One of the critical purposes of the probate process is to settle all of an estate’s outstanding debts. This means that all creditors must be notified of the probate of an estate so that they can make their claims. Significantly, the property of an estate cannot be distributed until any proper creditor claims are resolved.  … Read more

Permissible Investments By A Representative

Permissible Investments by a Representative

An executor or administrator of an estate plays a critical role and wears many hats when an estate goes through probate. One of these roles is a fiduciary duty to oversee the decedent’s property in a reasonable and responsible manner. This includes deciding where to invest the decedent’s money during probate. A decedent’s will may  … Read more

Probate and Out of State Property

  As it stands, the probate of an estate is a lengthy process that can take many months to several years. Imagine then, that you have to open probate proceedings in two or more different states, each with its own laws and with different lawyers. This is exactly what happens when a decedent lives and  … Read more

Discovery and Recovery of Assets

  When an estate enters probate, the court tasks an executor or administrator with the critical and practical tasks necessary to guide the case from beginning to end. One of the critical duties that the court orders of the executor or administrator is to accurately and thoroughly identify and report the property that makes up  … Read more

Why Does Probate Take So Long?

  As you have read on my blog numerous times, proper estate planning is essential to making sure that your loved ones are taken care of in accordance with your wishes. One of the goals for many people is to avoid the probate process entirely. This is because probate can take a really long time,  … Read more

Determining Capacity in a Guardianship Proceeding

  The aging process can lead to incredibly difficult decisions that have to be made on behalf of our loved ones. This can include the following – they cannot make critical medical decisions for themselves, or they cannot manage their day-to-day care. It can also include when a person loses the ability to make financial  … Read more

Replacing a Guardian in Illinois

Replacing a Guardian in Illinois

Guardians may be appointed for adults who have been legally determined incapable of handling their own personal or financial affairs due to mental illness, mental deterioration, physical incapacity, or other form of recognized disability. There are two types of guardianship appointments. The first is a guardian of the person, who makes decisions about the person’s  … Read more

Business Asset Appraisals

  Ownership of a business or an interest in a business is generally one of the most valuable assets a person owns. Not only is this true from a financial standpoint, but it is often the culmination of hard work and ingenuity, wise investment, or it may represent your family’s legacy. When it comes to  … Read more

Understanding Testamentary Capacity

  Estate planning is meant to provide certainty and clarity to a person’s last wishes, so that they can rest assured that their loved ones are provided for. A will is the primary mechanism for most people to explicitly establish how their property will be divided upon their death. Unfortunately, there are times that people  … Read more

Letter of Office in Probate Proceedings

Letter of Office in Probate Proceedings

When a person creates a will, they put time and careful consideration into how they want their property divided and how their families will be taken care of. Significantly, they choose an executor, a person or entity that they trust to carry out the important tasks of distributing their property in accordance with their wishes  … Read more