ESTATE ADMINISTRATION

Thank you for choosing Correa Law for your loved one's estate administration. This process involves transferring assets per the decedent's will or other documents. Here's a summary of the steps:

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1. File the Will: Submit the will within 30 days of discovery. If no will, Illinois law determines distribution.

2. Probate: Court oversees asset transfer from the decedent's name as per the will or intestacy laws.

3. Authority: Obtain Letters of Office from the court for estate management.

4. Bank Account: Get a taxpayer ID and open an estate account, transferring funds from individual accounts.

5. Assets Collection: List all assets, considering distribution instructions and potential sales.

6. Creditors: Pay debts from the estate account; notify and handle creditors through probate if required.

7. Tax Returns: File individual, estate income, and inheritance/estate tax returns if applicable.

8. Fees: Executors/administrators can claim reasonable compensation for their services.

9. Closing: Prepare an accounting of expenses, distribute assets per approval, and close the estate.

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For assistance or questions, feel free to contact us. Estate administration usually takes 8 to 14 months.

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