Illinois Probate Act 755 ILCS 5/24-10: Interest on Property Withheld by Representative of Decedent's Estate
When someone passes away, a representative is appointed by the Illinois Probate Court to manage the decedent’s estate and transfer ownership of the property in the estate to the decedent’s heirs and beneficiaries. If the decedent left a will, the representative is referred to as an executor. If the decedent did not leave a will, the representative is referred to as the estate administrator. There are specific activities that the executor must perform. If the executor fails to do his (or her) job as required by law, or fails to obey an order of the court, the representative will face legal liability. Whether you are an executor, estate administrator, beneficiary, or heir, it is important that you understand the rules related to the administration of an estate, including the requirements of Illinois Probate Act, section 24-10-Interest on property withheld by representative of decedent's estate. The skilled Chicago estate administration attorneys at the Law Offices of Stephen Bilkis & Associates have the experience and resources to help you through the administration process and ensure that your rights are protected.Estate Administration Process
- Collect estate property. The representative must collect and safeguard estate property. This may involve a number of different activities base on the type of assets in the estate. For example, if the asset is a bank account, the representative would need to present his (or her) letters of administration in order to gain access to money in the account. If a car is an asset, then the representative may need to locate the car and store it in a secure place.
- Notify creditors and pay debts. Under Illinois law, known creditors must be notified by mail and by publication of the death of the decedent and the appointment of a representative. The representative is required to pay all valid claims that are timely filed. If there are insufficient assets in the estate to pay all claims, then the representative must pay claims based on the order or priority. The claims that have the top priority are the funeral and burial expenses of the decedent, followed by the spouse’s award and child’s award. For more information about the priority of claims, contact an experienced Chicago estate administration attorney.
- File taxes. The representative is responsible for filing all necessary federal and state tax returns on behalf of the decedent and the estate.
- Distribute assets. Once all debts are paid and all income received into the estate, the representative must distribute the assets that remain in the estate to beneficiaries named in the will or the decedent’s heirs.
- Prepare final accounting. Throughout the administration process the representative must keep meticulous records of all activities. The final accounting is a detailed list of assets in the estate at the time of the decedent’s death, income received, debts paid, and distributions made.
If the court is satisfied with the accounting and there are not objections, then the court will close the estate.Property Withheld
The representative is required to distribute assets from the estate to the appropriate beneficiaries and heirs based on the decedent’s will and the Illinois Probate Act. Under Illinois Probate Act, section 24-10-Interest on property withheld by representative of decedent's estate, if without good cause the representative fails to do so within 2 years of when the he or she was appointed and received letters, the representative will be charged interest of 10% of the fair market value of all the personal property that was not properly distributed.
For more information about the consequences to the representative of failing to follow an order for the court or failure to properly fulfill his or her obligations as representative, contact an experienced estate administration lawyer in Chicago.Related Statutory Provisions
- When estate does not exceed surviving spouse's award : Illinois Probate Act, 755 ILCS 5/24-7
- Accounting to distributee: Illinois Probate Act, 755 ILCS 5/24-8
- Reopening estate: Illinois Probate Act, 755 ILCS 5/24-9
- Accounting for a deceased representative or a representative under legal disability : Illinois Probate Act, 755 ILCS 5/24-13
At the expiration of a period of 2 years after the issuance of letters of office in a decedent's estate, the representative shall be charged with interest at the rate of 10% per year on the fair market value of all the personal estate which has come into his possession or control and has not been properly paid out or distributed, except for good cause shown. The interest shall run from 2 years after the issuance of letters or if personal estate comes into his possession or control subsequent to 2 years after the issuance of letters, interest on the subsequently acquired personal estate runs from 6 months after such personal estate comes into his possession or control, except for good cause shown.Contact the Law Offices of Stephen Bilkis & Associates
If you have concerns about how the estate of a loved one is being managed, it is important that you discuss the process with an experienced estate administration attorney serving Chicago who understands the requirements related to estate administration and the duties of the administrator, including the requirements of the Illinois Probate Act, section 24-10- Interest on property withheld by representative of decedent's estate. The attorneys at the Law Offices of Stephen Bilkis & Associates have decades of experience representing clients in matters related to estate administration, estate litigation, and other estate matters. Contact an attorney in our office attorneys at 855-454-5529 to schedule a free, no obligation consultation regarding your case. We serve individuals throughout Chicago.