Detailed Answer
When someone dies in Illinois, the court-supervised probate process ensures all assets are inventoried, debts are paid, and remaining property is distributed to heirs. Below is a step-by-step overview using a simple hypothetical. Imagine the decedent, Jane Doe, passed away owning a home, bank accounts, and personal belongings, and named her two children, Alex and Taylor, as beneficiaries in her will.
1. Appointment of a Personal Representative
The first step is to file the will (if one exists) and a petition for appointment with the local probate court. The court issues Letters of Office appointing the personal representative (executor) to manage the estate. If there is no will, Illinois law designates an administrator under 755 ILCS 5/2-1.
2. Gathering and Inventorying Assets
The personal representative locates all estate assets—real estate, bank accounts, investments, vehicles, and personal effects—and secures them. They must prepare a detailed inventory within three months of appointment as required by 755 ILCS 5/3-1. This inventory lists each asset, its description, location, and estimated value. For statute text, see 755 ILCS 5/3-1.
3. Valuing Assets
Accurate values ensure fair distribution. Assets like real estate often require professional appraisals. Stocks and bonds are valued at the date of death market price. Personal property uses fair market estimates or replacement cost.
4. Filing and Approving the Inventory
The personal representative files the inventory with the probate court. Creditors, heirs, and other interested parties may review it. If new assets surface, Illinois allows filing a supplemental inventory.
5. Paying Debts and Taxes
Before distribution, the personal representative notifies creditors, reviews claims, and pays valid debts, funeral expenses, and estate taxes. Illinois law requires mailing notices to known creditors and publishing notices for unknown creditors.
6. Distributing the Remaining Assets
Once debts and expenses are settled, the personal representative divides the estate according to the will. If the decedent died intestate (without a will), Illinois law governs distribution under 755 ILCS 5/6-2. In our hypothetical, Jane’s will directs equal distribution to Alex and Taylor. After court approval, the executor transfers title to each heir and closes the estate.
Disclaimer: This article provides general information and does not constitute legal advice. For guidance on your unique situation, consult a qualified Illinois probate attorney.
Helpful Hints
- Start early: File for Letters of Office promptly to secure and manage assets.
- Keep records: Maintain detailed receipts and appraisal reports for transparency.
- Communicate: Inform heirs and creditors of timelines and procedures.
- Use professionals: Appraisers, accountants, and attorneys can streamline complex tasks.
- Watch deadlines: Illinois imposes strict timelines for filing inventories and creditor notices.