Illinois Probate Act 755 ILCS 5/6-15: Executor to Administer all Estate of Decedent
Estate administration is the process of managing the estate of someone who has passed away. It involves collecting the assets in the estate, paying estate debts and taxes, and distributing the remaining estate property to the beneficiaries and heirs of the estate. In Illinois the Probate Court oversees estate administration. The process is managed by the executor of the estate or the estate administrator. The process of estate administration will take a minimum of 6 months and often lasts up to 12 months. Complications such as estate litigation can result in the process taking quite a bit longer. Assets in the estate cannot be distributed until all estate debts are paid and disputes settled. If you are involved in the administration of an estate and have concerns about the process, including the requirements of Illinois Probate Act section 6-15- Executor to administer all estate of decedent, contact the skilled Chicago probate attorneys at the Law Offices of Stephen Bilkis & Associates who can help you understand the duties and responsibilities of an executor.Duties of the Executor
The executor’s main responsibilities include:
- Inventorying estate assets and managing the estate. One of the first jobs of the executor is to gather and inventory estate assets. The estate may include a variety of types of assets including bank accounts and other financial accounts, real estate, vehicles, jewelry, collectibles, clothing, furnishings, and other types of property. The executor must inventory all of the assets. This means the executor must a detailed list with the name and location of each asset and its value. The value of estate property must be determined as of the date of the death of the decedent. Managing the estate may involve selling assets, and as well as receiving other income to the estate such as rents and investment income.
- Paying creditors. Another important responsibility of the executor is to make sure that all estate debts are paid. Such debts may include bills that the decedent owed at the time he (or she) died. It also may include debt accrued by the estate related to managing the estate. The executor is also is responsible for settling any claims against the estate, and paying only valid, timely filed claims.
- Disbursing estate assets. One of the last and most important jobs of the executor is to transfer assets from the estate to the beneficiaries named in the will. Part of the estate accounting is reporting exactly which asset was distributed to which beneficiary or heir.
As a Chicago probate attorney will explain, many of the activities of the executor related to managing the estate involve assets coming into the estate or assets leave in the estate. The executor must keep accurate and detailed records of each of the transactions.Power of Administrator With the Will Annexed
If the executor named in the will is not able, willing, or eligible to serve, or if no executor is named in the will, then another person can petition the court to be named executor. When the court appoints such a person, he or she is called an administrator with the will annexed. In practical terms his means that the person was appointed to administer the decedent’s estate based on the terms of the will. Under Illinois law an administrator with the will annexed has the same authority as an executor would have under the will. If you wish to petition the Probate Court to be named administrator with the will annexed, contact an experienced probate attorney in Chicago to review the eligibility requires and the process.Executor to Administer all Estate of Decedent
The executor or the administrator with the will annexed shall administer all the testate and intestate estate of the decedent. This means that not only does an executor have the authority to managing the property that is part of the decedent’s estate that was covered by the decedents will, the executor also has the authority to manage property of the decedent that is part of his or her probate estate, but was not covered by the will. For example, if a gift to a beneficiary failed due to the beneficiary predeceasing the testator and the will did not include a residuary clause, that gift would end up in the testator’s intestate estate. Under section 6-15- Executor to administer all estate of decedent, the executor has the authority to administer that property.Related Statutory Provisions
- Petition to admit will or to issue letters: Illinois Probate Act, 755 ILCS 5/6-2
- Who may act as executor: Illinois Probate Act, 755 ILCS 5/6-13
- Power of administrator with the will annexed: Illinois Probate Act, 755 ILCS 5/6-16
The executor or the administrator with the will annexed shall administer all the testate and intestate estate of the decedent.Contact the Law Offices of Stephen Bilkis & Associates
If you have questions about the powers and responsibilities of an executor or administrator, it is important that you discuss your concerns with an experienced attorney. The probate attorneys serving Chicago at the Law Offices of Stephen Bilkis & Associates have years of experience working closely with executors and estate administrators on matters related to the estate administration. If you have concerns related to the administration of an estate including the requirements of Illinois Probate Act section 6-15- Executor to administer all estate of decedent, contact one of our skilled attorneys attorneys at 855-454-5529 to schedule a free, no obligation consultation regarding your case. We serve clients throughout Chicago.