In Illinois, the executor of an estate is required to gather and inventory all the assets that were in the decedent’s name at the time of their death and liquidate all of their personal property, real property, and stocks into one account in the name of the estate, called marshalling assets. The marshalling of assets is done to satisfy any creditors who are claiming debts against the estate.
How long it takes to marshall assets depends on how many assets there are, and how difficult it is to identify and sell them. When the assets of an estate have been identified, the executor prepares an inventory, which will serve as a starting point for the marshalling of assets. The estate executor or personal representative must be able to document and trace the history of each asset in the inventory to whether they are sold, converted into cash, paid to creditors, or paid to beneficiaries.
There are many different places to look for information about the property of the decedent and to locate and identify their assets, including:
If you are an heir, an estate executor, trustee or a personal representative of the decedent, understanding marshalling of assets and how to settle an estate in compliance with Illinois probate law can be confusing. A knowledgeable trusts attorney can help you avoid hazards, delays, and unintended consequences. For more information about probate law and settling an estate, contact Estate & Probate Legal Group in Lombard, Illinois, today.