What is independent administration and probate?
Cook County, Dupage County, Kane County & Will County Probate
Independent administration and Probate
Independent administration is a type of probate case that is not monitored by a judge until the end of the case. There are two types of probate administrations. The first type is called Independent administration. The executor is empowered to make financial decisions without the authorization of a judge. These decisions include selling a house, filing a lawsuit, and paying out inheritances or settling claims. The second type of administration is supervised administration. This type of administration occurs when one of the heirs at some point objects to independent administration. Typically, supervised administration is more costly because a judge must approve all financial decisions such as distributions of cash, sale of real estate, and settlement of claims.
The Robertson Law Group, LLC concentrates in probate and guardianship matters in Circuit Court of Cook County, Circuit Court of Dupage County, Circuit Court of Will County, and Circuit Court of Kane County.
We can be reached at 630-364-2318 or 312-498-6080 or RobertsonLawGroup@gmail.com
Showing posts with label Lawyer Probate. Show all posts
Showing posts with label Lawyer Probate. Show all posts
Monday, April 26, 2010
Friday, April 2, 2010
Probate avoidance and Death without a Will
What is Probate?
Probate court is the court where heirs of a deceased person must undergo before they can obtain legal title to real estate, checks, and other items. When you do not have a will, one must go through probate court. Unfortunately, many people falsely assume that a will avoids the pain of probate court. This is not true.
A couple weeks back, I had a senior that had a consultation. Her husband had passed away and her home was titled in his name. Thus, legal title was only in her husband's name. Her husband died without a will. This husband and wife was also a product of a second marriage with the husband having two children from past relationships.
In this lady's situation, she could afford to purchase the home that she lived in. However, the probate fees and costs would be a minimal of $5,000 in Cook County. The probate fees and costs would be high because her estate was more than a simple estate. It was more than a simple estate because one adult child's whereabouts were unknown and the second child was a minor (under 18).
In this example, the mortgage was about equal to the fair market value of the house. However, the stepmother did not want to go through the hassle of a court proceeding and dealing with the complexities of court. The minor child would have an attorney appointed for it by the court called a guardian ad litem. Quickly, the stepmother could see that purchasing the house from the stepchildren was going to be difficult. First, the conflict between a stepmother and stepchildren was evident. Second, this stepmother did not want the headache of probate court and fees and costs. Third, probate court often times is not worth the costs and fees and therefore, like this lady, people would rather not bother.
The premise of this story is have your legal affairs in order prior to a disability or death. A will is oftentimes insufficient to avoid the pain of probate court. A revocable living trust or otherwise called a "living" trust is the best option. A living trust is similar to a will where it details your wishes upon death. However, if properly structured, your house and other assets would avoid probate because the living trust is a fictional person not subject to probate court. Thus, your living trust would designate beneficiaries and avoid the pain of probate court.
Sean Robertson, Attorney at Law
Robertson Law Group, LLC
312-498-6080 or 630-364-2318
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com
Probate court is the court where heirs of a deceased person must undergo before they can obtain legal title to real estate, checks, and other items. When you do not have a will, one must go through probate court. Unfortunately, many people falsely assume that a will avoids the pain of probate court. This is not true.
A couple weeks back, I had a senior that had a consultation. Her husband had passed away and her home was titled in his name. Thus, legal title was only in her husband's name. Her husband died without a will. This husband and wife was also a product of a second marriage with the husband having two children from past relationships.
In this lady's situation, she could afford to purchase the home that she lived in. However, the probate fees and costs would be a minimal of $5,000 in Cook County. The probate fees and costs would be high because her estate was more than a simple estate. It was more than a simple estate because one adult child's whereabouts were unknown and the second child was a minor (under 18).
In this example, the mortgage was about equal to the fair market value of the house. However, the stepmother did not want to go through the hassle of a court proceeding and dealing with the complexities of court. The minor child would have an attorney appointed for it by the court called a guardian ad litem. Quickly, the stepmother could see that purchasing the house from the stepchildren was going to be difficult. First, the conflict between a stepmother and stepchildren was evident. Second, this stepmother did not want the headache of probate court and fees and costs. Third, probate court often times is not worth the costs and fees and therefore, like this lady, people would rather not bother.
The premise of this story is have your legal affairs in order prior to a disability or death. A will is oftentimes insufficient to avoid the pain of probate court. A revocable living trust or otherwise called a "living" trust is the best option. A living trust is similar to a will where it details your wishes upon death. However, if properly structured, your house and other assets would avoid probate because the living trust is a fictional person not subject to probate court. Thus, your living trust would designate beneficiaries and avoid the pain of probate court.
Sean Robertson, Attorney at Law
Robertson Law Group, LLC
312-498-6080 or 630-364-2318
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com
Saturday, March 13, 2010
What Happens When One Spouse Dies With or Without a Will?
Today, I received a phone call from a widow because she received a payment of $800 as a refund. What is the problem? The refund check is in her husband's name, who is deceased. Her question was what do I do? If your loved one has under $100,000 in personal assets such as in a bank account, stocks, or bonds, than your estate can fill out a Small Estate Affidavit. This Small Estate Affidavit enables your beneficiaries to access their inheritance without going through probate court. In many cases, this is not a viable option because the person owned real estate.
Probating Real Estate or Not?
When the first spouse dies, living spouses often times do not think about changing their real estate deeds to reflect that one spouse is deceased. In my prospect's example, her simple question about a $800 refund was really a question of whether we must establish a probate estate or will a simple small estate affidavit be sufficient? In her case, her and her husband's name were titled in both of their names as "Joint Tenants". In Illinois, Joint Tenants is a way of owning real estate with your spouse where as if one spouse deceases, the other spouse's one-half interest immediately transfers to the surviving spouse. Thus, in our example, my prospect must not undergo probate court because as a matter of law, she owns her home in her personal name only due to Joint Tenancy with Right of Survivorship. Therefore, automatically upon her husband's death, his interest was transferred to her.
What happens when Surviving Spouse dies?
The children, brothers, or sisters must probate the house and hire an attorney and undergo a legal process called probate court. Probate court is a court that hears inheritance issues such as who is the rightful owner of the parent's home when a will was not made. In Illinois, when one does not complete a will, the property must go through probate court and Illinois law assumes that the surviving spouse (if any) gets one-half of the property and the children will split the other one-half of property. If there is no surviving spouse like our example above, than all the children will split the profits equally.
How Much Does Probate Costs?
The answer depends on the complexity of the family relationships and whether the family gets along with one another. A typical probate estate may costs from $3,000 to $6,000 or more depending on the assets and nature of the probate estate case. The fees are generally around $600 to $1,000. Obviously, if any issue such as heirship is contested, a probate estate may costs in excess of $15,000 to $100,000s in attorney's fees and costs.
This Article is written by Sean L. Robertson, an attorney that concentrates in wills, trusts, probate, guardianship, corporate and asset protection law. Simply put, Sean is an estates and trusts and corporate attorney.
Sean L. Robertson, Esq.
Robertson Law Group, LLC
Offices in Naperville, Chicago Ridge, and Naperville
630-364-2318 or 312-498-6080
RobertsonLawGroup@gmail.com
Key words: Chicago Ridge, Chicago, Southside of Chicago, Joliet, Will County, Oak Lawn, Bridgeview, South Loop (Chicago), Homer Glen, New Lenox, Orland Park, Wills, Trusts, Probate, Power of Attorney (Property & Healthcare), Naperville, Lisle, Downers Grove, Woodridge, Aurora, Montgomery, Sugar Grove, and Plainfield.
Probating Real Estate or Not?
When the first spouse dies, living spouses often times do not think about changing their real estate deeds to reflect that one spouse is deceased. In my prospect's example, her simple question about a $800 refund was really a question of whether we must establish a probate estate or will a simple small estate affidavit be sufficient? In her case, her and her husband's name were titled in both of their names as "Joint Tenants". In Illinois, Joint Tenants is a way of owning real estate with your spouse where as if one spouse deceases, the other spouse's one-half interest immediately transfers to the surviving spouse. Thus, in our example, my prospect must not undergo probate court because as a matter of law, she owns her home in her personal name only due to Joint Tenancy with Right of Survivorship. Therefore, automatically upon her husband's death, his interest was transferred to her.
What happens when Surviving Spouse dies?
The children, brothers, or sisters must probate the house and hire an attorney and undergo a legal process called probate court. Probate court is a court that hears inheritance issues such as who is the rightful owner of the parent's home when a will was not made. In Illinois, when one does not complete a will, the property must go through probate court and Illinois law assumes that the surviving spouse (if any) gets one-half of the property and the children will split the other one-half of property. If there is no surviving spouse like our example above, than all the children will split the profits equally.
How Much Does Probate Costs?
The answer depends on the complexity of the family relationships and whether the family gets along with one another. A typical probate estate may costs from $3,000 to $6,000 or more depending on the assets and nature of the probate estate case. The fees are generally around $600 to $1,000. Obviously, if any issue such as heirship is contested, a probate estate may costs in excess of $15,000 to $100,000s in attorney's fees and costs.
This Article is written by Sean L. Robertson, an attorney that concentrates in wills, trusts, probate, guardianship, corporate and asset protection law. Simply put, Sean is an estates and trusts and corporate attorney.
Sean L. Robertson, Esq.
Robertson Law Group, LLC
Offices in Naperville, Chicago Ridge, and Naperville
630-364-2318 or 312-498-6080
RobertsonLawGroup@gmail.com
Key words: Chicago Ridge, Chicago, Southside of Chicago, Joliet, Will County, Oak Lawn, Bridgeview, South Loop (Chicago), Homer Glen, New Lenox, Orland Park, Wills, Trusts, Probate, Power of Attorney (Property & Healthcare), Naperville, Lisle, Downers Grove, Woodridge, Aurora, Montgomery, Sugar Grove, and Plainfield.
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