After a loved one passes away, one of the often-unexpected challenges is simply identifying everything that they owned so it can be passed down according to their wishes. Depending on the individual’s circumstances, their property may have included many different asset types, including things like life insurance policies or safe deposit accounts that their family may not have even realized existed. In a probate case, the process of identifying everything the deceased owned is called marshalling assets.
If you have questions regarding marshalling assets in Oak Brook probate cases or other questions about the management of an estate, we are here to help. At Estate & Probate Legal Group, our team has the experience you need to help ensure that the distribution of benefits goes smoothly.
What Does It Mean to Marshal Assets?
Marshaling assets is one of the most essential tasks that takes place during the administration of an estate in Oak Brook. The personal representative in each probate case is legally required to identify, locate, and take charge of any probate asset that belonged to the person who passed away. This task is of critical importance because it helps prevent assets from being lost or stolen. It is also an important step in making sure that all debts and taxes are paid, and it will help the transfer of property to the correct heirs and beneficiaries who were named in the will or who are set to inherit based on Illinois intestacy law in the absence of a valid will.
What Types of Assets Must Be Located in Probate Cases?
Identifying and locating all of the assets that need to be distributed can be a daunting task. Assets may include things like:
- Bank accounts, including checking and saving accounts
- Retirement and pension accounts
- Safe deposit accounts
- Life insurance and accidental death policies
- Real estate holdings, including the family home and other investment properties
- Vehicles, even if being driven by someone else
- Personal property, including heirlooms, photographs, electronics, jewelry, clothing, and household items
It can be challenging to locate each of these assets and even more challenging to take control of them. For example, in some cases another family member was accustomed to driving a vehicle belonging to the deceased, but it was not left to them in the will. The personal representative will need to locate the vehicle and take control of it to distribute it to the beneficiary named in the will. An Oak Brook attorney experienced with marshalling assets in probate cases can assist them with this task.
Contact Us If You Have Questions About Marshalling Assets in Your Oak Brook Probate Case
Marshaling assets in Oak Brook probate cases is a task of critical importance. It ensures that all assets of the deceased are found and secured until they can be distributed according to the will or state law. Additionally, the work of the personal representative to diligently marshal the assets helps to honor the wishes of the deceased and makes the entire estate administration process go more smoothly.
If you have been named the personal representative of an estate, or if you have questions about how a personal representative is handling marshalling assets in an estate you have an interest in, our professionals at Estate & Probate Legal Group can help. We have the experience to help you find answers and to guide you through the probate process from start to finish. Contact us today to learn more.