When someone in Illinois passes away and leaves behind an estate, it is usually up to his or her close family and loved ones to sort it out based on what is left in a will and what is applicable in local law. One thing we know from experience at Lifka & Lifka, P.C. is that whether you are the executor or a beneficiary of an estate, the inheritance process is often more complex than it may seem at first.
What situation might call for a lawyer?
You can imagine the situation you might be looking at if an estate lands in your lap without a will being left to instruct how it is to be handled. However, even when you are a properly designated executor or beneficiary as stated in a well-written will, there can still be some legal twists and turns that an attorney may be able to help you navigate.
As Forbes points out, it is prudent for all executors to follow a courtaccounting process or to file an agreement showing that your family has settled. There is also a fine line that executors walk when it comes to debts owed by the deceased, as notification of an estate’s existence is a right of creditors.
You may also not be aware that you have a time limit of nine months to file for any estate tax exemptions, such as what you may be entitled to as a spouse. Attending to all of these considerations can be easier with the help of an attorney.
Ultimately it is up to you how you want to go about handlingyour loved one’s estate. You can find more information about this topic on our web page.