When a person dies, their heirs or beneficiaries may be a minor. However, minors are unable to open a bank account on their own.
Estate Probate and Trust Administration
Under Illinois law, an individual or business entity may file a lawsuit in probate proceeding. However, the individual or entity must have an actual legal interest in the probate estate in order to proceed with the lawsuit.
After a person dies, a probate estate may need to be opened to transfer property. This article will focus on the costs associated with opening a probate estate, transferring property, and closing a probate estate.
When a loved one dies, the family and friends who are left behind are often confused about their next steps. Amidst their grief, survivors must navigate unknown territory.
In a will, an individual identifies an executor to represent his or her estate. Some of the duties of the executor are as follows.
The probate process in Illinois is the process in which a person’s assets are distributed after they die. It may also be related to a person who has become permanently disabled and needs a guardian.
How does one know if the law will presume a transfer is fraudulent? In Illinois, the courts have determined that if certain “badges of fraud” are present, then the transfer is likely fraudulent.
Once a probate estate is opened, it is the job of the representative of the estate to resolve any claims seeking a payment from the estate.
During the probate process, anyone with a claim against the estate has the opportunity to file that claim and present it to the court.
A no contest, or in terrorem clause, is a provision in a will or trust which is designed to threaten anyone from challenging the validity of the document.