Probate Attorney in Niles, Illinois
What is the probate process?
What is the probate process?
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When an estate must be administered through the probate division in court, the process generally begins with identifying all of the assets that are considered probate assets. Once this is determined, the next step is to collect and preserve those assets.
For example, if there is a house, it must be protected, and it may need to be sold. For investment accounts or bank accounts, funds should be consolidated in order to pay creditors and continue the probate process.
After identifying the assets, the next step is to determine the creditors and pay those bills. Other open-ended issues, such as tax returns, must also be addressed. Finally, the remaining balance of the estate is distributed to the beneficiaries.
The entire probate process can take anywhere from six months to several years, depending on the number of beneficiaries, the number of assets, the complexity of the situation, and whether any objections arise along the way.
Niles, IL estates & probate attorney Dana Zivkovich discusses the probate process. When an estate is administered through the probate division in court, the process typically begins with identifying all assets that qualify as probate assets. Once this is established, the next step is to collect and preserve those assets.
For instance, if the estate includes a house, it must be protected, and in some cases, it may need to be sold. For investment or bank accounts, the funds should be consolidated to pay creditors and advance the probate process.
After assets are identified, the next step is to determine the creditors and settle their bills. Any unresolved issues, such as tax returns, must also be handled. Finally, the remaining balance of the estate is distributed to the beneficiaries.
The probate process can take anywhere from six months to several years, depending on factors such as the number of beneficiaries, the complexity of the estate, the number of assets involved, and whether there are any objections during the process.
