Chicago, Illinois Sample Letter for Closing of Estate with Breakdown of Assets and Expenses [Your Name] [Your Address] [City, State, Zip] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, Zip] Subject: Estate of [Deceased's Full Name] — Notification of Estate Closure and Asset Distribution Dear [Recipient's Name], I hope this letter finds you well. I am writing to provide you with an update on the estate of [Deceased's Full Name] and to formally inform you about the closing of the estate, including a comprehensive breakdown of its assets and related expenses. 1. Estate Overview: The estate of [Deceased's Full Name] encompasses a diverse range of assets, including real estate properties, financial accounts, investments, personal belongings, and other valuable items. Additionally, there were certain liabilities and expenses that needed to be settled as part of the estate administration process. 2. Assets Distribution: In accordance with the provisions set forth in the last will and testament of the deceased, the assets have been distributed as follows: a. Real Estate Properties: — [Property 1]: Street Address, City, and Zip — [Property 2]: Street Address, City, and Zip — [Property 3]: Street Address, City, and Zip b. Financial Accounts: — [Bank Account 1]: Account number, financial institution name — [Bank Account 2]: Account number, financial institution name — [Investment Account]: Account number, financial institution name c. Personal Belongings: The personal belongings have been divided among the beneficiaries as stated in the will or according to their expressed wishes. d. Other Valuables: — [Vehicle 1]: Make, model, and VIN number — [Art Collection]: Description and estimated value — [Jewelry Collection]: Description and estimated value 3. Liabilities and Expenses: In order to close the estate, certain liabilities and expenses needed to be addressed. These include but are not limited to: a. Funeral Expenses: — [Funeral Home Name]: Total cost b. Outstanding Debts: — [Creditor Name 1]: Amount owe— - [Creditor Name 2]: Amount owed — [Creditor Name 3]: Amount owed c. Legal and Administrative Fees: — [Attorney Name]: Legal fees for estate administration services — [Accountant Name]: Accounting and tax preparation fees 4. Completion of Estate Administration: I am pleased to inform you that after thorough review and meticulous handling of the estate administration, all assets have been successfully distributed, and liabilities and expenses have been settled. Therefore, this estate is now considered officially closed. 5. Contact Information: Should you have any further inquiries or require additional documentation regarding the estate, please do not hesitate to contact me using the information provided above. Thank you for your understanding and cooperation throughout this process. I would like to express my sincere appreciation for your involvement and support. Yours sincerely, [Your Name]
Chicago Illinois Sample Letter for Closing of Estate with Breakdown of Assets and Expenses
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Executors should also ask each beneficiary to sign a receipt for the gifts that they receive. This will act as proof of distribution. This receipt should record the gift, the date the distribution was made, the full name of the beneficiary, and the name of the executor.
Closing of an Illinois Probate Estate The executor must file a final accounting with the court showing how estate assets were handled. The accounting will list the assets, possible income the estate generated, the amount paid for any debts or other expenses, and the distributions made to beneficiaries.
Legal proceedings against the deceased If there are any legal proceedings or claims against the deceased, at the date of death, which are set to continue despite the deceased's death, the Executor must inform the beneficiaries of these proceedings.
Illinois, for example, requires executors to allow six months. California requires a bit less, with four months.
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.
Is an Attorney Required for Illinois Probate Estates? The Illinois Probate Act does not require executors to hire an attorney for probate cases. However, just as in Small Estate Affidavits, an executor may still be interested in legal representation for the estate.
Beneficiaries have every right to see the accounting, including all of an executor's activities before the file is permanently closed. Technically, this is the only time the executor is required to share the accounting with all of the beneficiaries.
The Five Expense Categories of Estate Administration Last debts. Property maintenance/management expenses. Distribution expenses. Fees. Taxes.
An executor is responsible for preparing an accurate and complete inventory of assets and expenses. In some cases, a beneficiary may want to see this information. But does an executor have to give an accounting to beneficiaries? The short answer is yes.
Executors and other personal representatives do not have to provide the estate accounts until the process of administration is complete. This can take a long time, especially in more complex estates, so residuary beneficiaries may have to wait for some time in order to receive the final accounts they are entitled to.
