When someone passes away in Illinois, the estate may need to go through probate if it includes more than $100,000 in assets. This process can be complex, and it’s often best to have an executor to help manage everything.
Who is an executor in estate administration?
An executor is a person who’s appointed by the court to administer the estate of a deceased person. Note that the courts only appoint an executor when there is no will or when the person named in the will is unable to serve.
What are the key roles of an executor?
One of the key roles of an executor is to inventory and appraise estate assets. This means that the executor will have to make a list of estate assets, such as property and personal belongings, and then assign them a fair market value.
The executor must also notify estate creditors that they need to submit claims against the estate. This gives creditors some time to file their claim or forfeit their right to do so. The executor may also have to pay estate debts.
The executor is responsible for distributing estate assets to beneficiaries in accordance with the will. This often includes filing a petition with the court and waiting for approval. Of course, estate administration can be complicated, so an executor must also deal with any disputes or challenges along the way. For instance, if someone believes they should have received a larger share of the estate, they may dispute the will or executor’s decision.
Who can be an executor?
The short answer is that anyone can be an executor as long as they’re appointed by the court or the will. However, it’s important to note that the estate administration process can take a lot of time and energy, so it’s best to choose someone who’s responsible and organized.
Being an executor is a big responsibility, but having an estate plan in place can make estate administration less stressful for the executor and beneficiaries. In addition, selecting the right person for the job can make everything go a lot more smoothly.