Probate Act Terms to Know
When you work with an Oak Park estate planning lawyer to create a will and advance directives and to establish trusts and other documents, you will often be doing so with an eye toward the probate process. Depending upon the types of estate planning tools you create, you may be trying to allow your loved ones to avoid probate for certain assets or, in some instances, to avoid probate altogether.
The probate process is a process where a person’s property is identified after their death, assets are distributed to heirs, and the estate of the person is wrapped up by a party known as the executor of the estate. Probate is not necessary in all situations when a person dies, but it is typically required under Illinois law when a person dies with assets totaling more than $100,000 that must be probated (i.e., assets that are not held in a trust and assets that are not payable to a beneficiary upon death of the owner).
The probate process can be extremely complicated, and it is important to work with an experienced estate planning attorney if you want to take steps to allow your loved ones to avoid probate. In the meantime, we want to provide you with information about some key terms in the Probate Act of 1975 that you should know as you begin thinking about estate planning and considering how your estate planning methods will impact a probate process (or lack of one) after your death.
Administrator Versus Executor
Both an administrator and an executor are parties who handle the estate of a deceased person after the person dies. However, it is important to know that these terms are, in fact, distinct from one another. When a person dies without a will and an interested party needs to petition the court to initiate the probate process, this person is called an “administrator.” Differently, an “executor” is a person who is named to perform this task in a will. When you are thinking about your will, it is important to talk with your lawyer about who you want to name as an executor.
Bequeathing Property
Illinois law uses the term “bequeath” to refer to the process of “dispos[ing] of real or personal property by will.” Accordingly, when you leave assets to particular parties in your will, you will be bequeathing property to them.
Guardian
When you are making your will, it is important to talk with your attorney about naming a guardian in your will if you have any minor children. As the Illinois Probate Code explains, a guardian “includes a representative of a minor.” To be clear, you can name a guardian for your minor child in the event of your death. When a minor has a guardian, the minor may be referred to as a “ward.”
Representative
Sometimes, when you are looking for information about creating a will or engaging in estate planning, you will come across the term “representative.” According to the Illinois Probate Code, the term representative can be used to include an executor, an administrator, and even a guardian. As such, if you have questions about how this term is used in any materials you have been looking at, you should discuss them with your estate planning lawyer.
Contact an Estate Planning Lawyer in Oak Park
Do you have questions about estate planning and avoiding probate? One of our Oak Park estate planning attorneys can help. Contact the Emerson Law Firm for more information.
See Related Blog Posts:
Understanding Advance Directives in Illinois
Top Reasons to Make a Will
The probate process is a process where a person’s property is identified after their death, assets are distributed to heirs, and the estate of the person is wrapped up by a party known as the executor of the estate. Probate is not necessary in all situations when a person dies, but it is typically required under Illinois law when a person dies with assets totaling more than $100,000 that must be probated (i.e., assets that are not held in a trust and assets that are not payable to a beneficiary upon death of the owner).
The probate process can be extremely complicated, and it is important to work with an experienced estate planning attorney if you want to take steps to allow your loved ones to avoid probate. In the meantime, we want to provide you with information about some key terms in the Probate Act of 1975 that you should know as you begin thinking about estate planning and considering how your estate planning methods will impact a probate process (or lack of one) after your death.
Administrator Versus Executor
Both an administrator and an executor are parties who handle the estate of a deceased person after the person dies. However, it is important to know that these terms are, in fact, distinct from one another. When a person dies without a will and an interested party needs to petition the court to initiate the probate process, this person is called an “administrator.” Differently, an “executor” is a person who is named to perform this task in a will. When you are thinking about your will, it is important to talk with your lawyer about who you want to name as an executor.
Bequeathing Property
Illinois law uses the term “bequeath” to refer to the process of “dispos[ing] of real or personal property by will.” Accordingly, when you leave assets to particular parties in your will, you will be bequeathing property to them.
Guardian
When you are making your will, it is important to talk with your attorney about naming a guardian in your will if you have any minor children. As the Illinois Probate Code explains, a guardian “includes a representative of a minor.” To be clear, you can name a guardian for your minor child in the event of your death. When a minor has a guardian, the minor may be referred to as a “ward.”
Representative
Sometimes, when you are looking for information about creating a will or engaging in estate planning, you will come across the term “representative.” According to the Illinois Probate Code, the term representative can be used to include an executor, an administrator, and even a guardian. As such, if you have questions about how this term is used in any materials you have been looking at, you should discuss them with your estate planning lawyer.
Contact an Estate Planning Lawyer in Oak Park
Do you have questions about estate planning and avoiding probate? One of our Oak Park estate planning attorneys can help. Contact the Emerson Law Firm for more information.
See Related Blog Posts:
Understanding Advance Directives in Illinois
Top Reasons to Make a Will
Comments
Post a Comment