Illinois Sample Letter for Execution of Petition to Close Estate and For Other Relief
Description
Form popularity
FAQ
Under section 28-4 of the Probate Act of 1975 (Illinois Compiled Statues 1991 755 ILCS 5/28-4) any interested person may petition the court to terminate Independent Administration at any time by mailing or delivering a petition to terminate to the clerk of the court.
The primary methods for avoiding probate in Illinois include joint tenancy, living trusts, beneficiary designations, and Payable-on-Death (POD) or Transfer-on-Death (TOD) accounts.
Deadline to close the estate: 14 months from the date the will is admitted to probate. If the estate remains open after 14 months, the court will expect the representative to account or report to the court to explain why the estate needs to remain open.
The primary methods for avoiding probate in Illinois include joint tenancy, living trusts, beneficiary designations, and Payable-on-Death (POD) or Transfer-on-Death (TOD) accounts.
Closing of an Illinois Probate Estate Once assets have been gathered and inventoried, and any debts and taxes have been paid, the executor can begin closing the estate. The executor must file a final accounting with the court showing how estate assets were handled.
In Illinois, a probate lawyer is required for all formal probate proceedings, and an experienced Illinois probate attorney can provide invaluable assistance with the probate process. However, for small estates, an attorney is optional, although it is generally advisable to seek counsel.
Formal probate is required in Illinois for wills and intestate estates with probate assets exceeding $100,000 in value. Probate assets worth less than that amount can go through an informal probate.
