An executor performs significant duties on behalf of the estate. They are trusted to make decisions that impact potential financial outcomes for other beneficiaries. Thus, they have a fiduciary duty to the estate, and they can be personally liable when they breach it. Fiduciary duties fall into two categories. The first is the duty of loyalty. The executor must…
There are many steps that must happen between the time that a loved one dies and when their assets can be transferred to their heirs according to their will. One person is tasked with these duties, and that person is the executor. The affairs of the deceased person need to be wound down before the assets can be distributed….
A will is a legal document. Once you sign it, the will remains in place, and it is legally effective. If circumstances change, you may need to make changes or revoke a previous version of your will. Otherwise, someone named as part of your original will remains a part of it. Technically, you can revoke a will by destroying…
When one is designated as the executor of an estate, they are given critical duties to handle that include selling estate property and settling debts with creditors. Their actions and decisions can affect the amount of money that heirs will receive under the will. An executor is considered a fiduciary under the law. A fiduciary owes certain legal obligations…
Your last will and testament provides your instructions for both your tangible estate and for your minor children. The will may both give specific instructions and designate the people who will carry out your wishes. Here are some of the important things that need to be included in a will. Your will designates an executor, who is a trusted…
When you are appointed as a trustee, you take on certain legal duties to the trust. Most importantly, you are obligated to place the trust interests ahead of your own. Not only do you owe a fiduciary duty to the estate, but you must also act with reasonable care in your capacity as a trustee. When you become a…
Probate is the last chance that creditors have to be paid back debts by the deceased person before the estate is permanently closed. It is the legal equivalent of “speak now or forever hold your piece.” Illinois law provides that creditors have two years from the date of the decedent’s death to file a claim against the estate. However,…
Spousal inheritance rules in Illinois are not as straightforward as they seem. In many situations, a surviving spouse will be able to retain many of their deceased spouse’s assets without the need for the probate process. Everything depends on how the property was titled before the spouse died. The rule is that when spouses have jointly titled property, the…
So long as your child is not a minor, they can be disinherited in a will. Before you take this drastic step, you should consider it very carefully, as there could be a potential for bitter litigation. A will is a legally binding document. So long as you meet the legal requirements to make a will (have legal and…
These days, your estate may include more than just physical assets. Besides money, you may have digital assets that you want to pass down to your heirs. There are some special considerations that apply to digital assets. Families may not think of digital assets as part of an estate. They have made plans to pass down money and even…
