5 Essential Steps To Gather Assets For Probate

Being an executor to an estate in probate means you have a year-long job ahead of you. Once you have filed the proper documents with the court and received the Letter of Office to show you have the authority to work on the estate’s behalf, you will want to account for all assets. Below are 5 essential steps to gather assets for probate.

What Is Probate?

Probate is the legal process of closing a deceased person’s estate. It includes paying all final bills and taxes, closing all accounts and distributing all assets. The Illinois probate process can last an average of 6-12 months or longer if there is a dispute or if it is an extensive estate. Many people are surprised to find out it can take this long, but there are more steps than people realize. Some steps in the probate process are:

• File proper documents with the probate courts of Illinois
• The courts will name you as the executor and you will receive a Letter of Office
• Establish a separate bank account
• Inventory all assets
• Notify all creditors of the person’s death
• Pay necessary bills and taxes – you may not be responsible for paying all the debts
• If necessary, sell any real estate
• Close all accounts, including their bank, credit cards, social media and investments
• Distribute assets according to the will
• File final documents with the probate courts of Illinois

As you can see, being an executor is not a quick and easy job. But the person trusted you to follow their wishes and close their estate correctly.

What Can Cause Probate Delays

Not everything goes as smoothly as the list above shows. Several instances may cause a delay in the probate process.

• Complexity of the estate
• Large outstanding debts
• If a beneficiary disputes the will
• Assets in multiple states – which means you will have to begin a probate process for each state
• Beneficiaries who live far away or are not responsive

We understand that probate is a long and complex process. That is why we are here to help you – whether you are establishing your estate plan or are an executor of a will. We can help you with all steps along the way.

As an executor, one of the early steps in the process is to gather assets for probate. Estate inventory preparation is one step that you do not want to skip or skim over. This is a crucial step as an executor in the probate process. Preparing the inventory first will also help distribute it to the beneficiaries.

Gather Assets For Probate

There are several ways to ensure you are a good executor. One step is to inventory all assets at the beginning of the probate process. This will help ensure there are no missed items or unexpected incidents at the end of the process.

Here are some steps that will help you gather all assets for probate:

• Review all physical documents. Hopefully, the deceased person told you where they keep all important documents such as their will, financial statements, bills, insurance policies and more. These records can give you the first glimpse into their debts and assets.
• Obtain recent tax returns. If you do not find tax returns in the important documents file, obtain them from their accountant or the office that helped prepare them.  You will want copies of the last 3 years to help you identify all income generating assets, dividends, interest and capital gains. These may also show you owned real estate and other holdings.
• Collect all incoming mail. Review the mail for statements or bills before you ask the post office to stop delivering mail to the deceased person’s address. This can be for bank accounts, investments, insurance policies, debts owed or other financial obligations.
• Access digital accounts. Many people opt for paperless statements, so check the person’s computer or phone (or other electronic device) for online accounts. You’ll want to see the digital statements and records. You may be able to log into their account if they left you an ‘In Case of Emergency Document‘ listing all sign-ins and passwords. Click here to read more about digital estate planning.
• Search for unclaimed property. It’s best to do the work now than find property at the end of the probate process. Utilize unclaimed property databases in any state where the deceased person lived or worked. This property can include real estate, bank accounts or stock dividends. Each state’s treasury or comptroller’s office typically maintains an online database that allows you to search for these assets.

By following these and other steps recommended by a probate attorney, you can help ensure all assets are accounted for at the beginning of the probate process.

Working With An Illinois Probate Attorney

Probate assets collection is vital to the probate process, but don’t worry, you do not have to do this alone. At the Estate and Probate Legal Group, we are here to help you.

As an executor of a will, you want to follow the will and final wishes of the deceased person. This is a huge job that you don’t have to do alone, because an Illinois probate attorney can help guide you through the process and answer any questions you have. The probate lawyer can help you file the correct documents with the courts, help you settle disputes with beneficiaries and step in whenever you need. There is no limit on how much or how little help you can request.

An experienced probate attorney has been through the process many times, so they understand your frustrations and can help you avoid any delays.

Do You Need to Talk to An Oak Brook Probate Attorney?

Talk to the experienced probate attorneys at the Estate and Probate Legal Group about handling all steps of the process, including gathering assets for probate. We can help you with any or all steps in the probate process, including assisting you gather assets for probate. Contact Us or call us today at 630-864-5835.

AREAS WE SERVE: Cook, DuPage, Kane, Kendall and Will counties