Grieving over the loss of a friend or family member is exhausting. Even more so, if you have to worry about estate issues, you could find yourself confused and unsure as to what to do next. Fortunately, attorneys could help. Opening an estate in Lombard does not have to be challenging. Attorneys could help you respect the wishes of your friend or loved one while you grieve as you need.
An individual opens an estate in Lombard by filing various pleadings with the probate division of the DuPage County Circuit Court. If there is a will, the original will needs to be filed in the DuPage County clerk’s office and then there is a petition to open an estate on behalf of the decedent that needs to be filed and there is the document called an Affidavit of Heirship, where someone is attesting to the heirs of the deceased person. There is generally a filing fee and it is highly recommended that they retain a lawyer experienced in probate in order to prepare a review and file those initial documents.
In the initial filings needed to open an estate in Lombard, the court asks for preliminary information as to the assets of the estate and so they need to kind of or they have an idea of how many assets are going to be involved and it is divided up. If it is a personal property which is, personal property are bank accounts, cars, IRAs, things of that nature and then real property which is of course houses, buildings, apartment buildings, commercial real estate, and items like that.
The other aspect of what’s involved in the initial filings is basically the person’s heirs and that document that describes as called an Affidavit of Heirship and they’re essentially attesting to – they’re going through a person’s family history and trying to identify all their heirs at law.
The biggest difference between a large estate and a small estate in Illinois is that a small estate could be administered by using a document called Small Estate Affidavit. If the person’s personal estate is less than $100,000, then they may use a small estate affidavit to administer the estate. This is a document where they provide information such as how much assets are involved, who are the person’s heirs, and describing whether or not there is a will.
As long as they sign it and get it notarized, they may take it to the bank and then the bank would release the funds to that person. The risk of that is if anything was done improperly, then the person who signed that affidavit is personally liable for any damages to any other heirs, creditors, or any relevant parties.
Even though it is something that could be done without filing anything in court and could be a way to streamline the administration of a small estate, it is recommended that that person consults with an attorney just to make sure that they are doing everything correctly.
The size impacts the administration of estate requirements under Lombard law mostly with the use of the Small Estate Affidavit. For all estates that are over $100,000, a bond is required. A much bigger estate could greatly increase the size of the bond needed. A bond is a document where a representative signs it and it binds themselves to the courts and the people of Illinois and Lombard. It says that they are going to carry out their duties to the fullest extent. It protects the estate.
After the passing of a friend or loved one, it could be challenging to understand what you need to legally do to respect the last wishes of the decedent. Opening an estate in Lombard presents challenges to people unfamiliar with trusts and estates law. To remedy this problem and take unnecessary stress off your shoulders, you should consider working with an experienced lawyer. Attorneys are waiting to help you. Call today.