When someone passes away, the fate of their life accumulations lands essentially in the hands of one person: the executor of their will. Problems that can arise when honoring a will and managing estate. Because of this, Chicago probate lawyers often hope that the will appoints a capable executor.
To be determined an “appropriate” personal representative for a will, you have to posses one of the following factors: over 18 and the decedent’s spouse, adult child, parent, or sibling, a person entitled to property of the decedent, or the person who was named as personal representative by the will.
Once identified, the executor is responsible for properly managing the will. This includes “Distributing assets according to the will, maintaining property until the estate is settled, paying bills for the estate, paying taxes on the estate, [and] making court appearances for the estate.” Overall, these encompass controlling the estate as a whole, and trickle all the way down to settling what beneficiaries receive certain objects of the decedent.
It is important for an executor to uphold a will so that beneficiaries don’t dispute the estate, to protect the estate, avoid tax liabilities, and other factors. Estate litigation can be testy when the legitimacy of a will is contested, or beneficiaries argue over its content and outcome. Personal representatives aim to uphold the will and secure the welfare of the decedent’s legacy.
Becoming an executor entails a weighted responsibility. However, honoring the estate of someone who has passed away is necessary and rewarding. Deciphering elements of probate litigation can be confusing, however adept lawyers are equipped to swiftly provide aid.Read More