A will is a legal document that allows you to distribute your assets and property after your death. It can also be used for other purposes, such as naming an executor or trustee to oversee the property left behind by the deceased person or, if you have minor children, nominating a guardian to care for them. If a person dies without having executed a will, then his or her estate will be subject to probate proceedings in order to determine how it should be distributed among heirs. A probate proceeding is court-supervised administration of an estate under which property is transferred from the decedent's name into that of another person (the executor) who administers the distribution process under court supervision until all debts are paid, all creditors have been satisfied and all heirs have received their inheritances according to law
To distribute the decedent's assets to beneficiaries.
The purpose of probate is to distribute the decedent's assets to beneficiaries. If there is no will and you are an heir of the deceased person, then you will receive your share of the estate under intestate succession laws set forth in the Illinois Probate Act. However, if there is a will, then the executor must follow its instructions when distributing assets in accordance with it.
To provide for heirs and others who may be entitled to receive a distribution, including charities and creditors.
In order to provide for heirs and others who may be entitled to receive a distribution, including charities and creditors, the will should be probated. In addition, if there is any property left over after all debts have been paid out of the estate (and sometimes even if there isn't), it could go back into your state's general fund or be used for other purposes specified by law.
This is why it's important that your will be properly written and executed so you can put your affairs in order before passing away.
To pay debts and taxes owed by the decedent.
After a will is probated, the court will approve distributions of any remaining assets to the legatees named in the will. If there are no legatees or if all of them have already received their share, then probate ends and those assets go to heirs at law (children and grandchildren).
The order in which debts and taxes are paid is as follows: first, any debts owed by your loved one must be paid out of their estate; second, any taxes owed on his/her behalf must be taken care of; thirdly--and only if there's still money left over--will any remaining funds go toward paying off creditors who were not able to claim their debt during probate proceedings (for example: if someone had an outstanding credit card balance but died without leaving behind enough money for them).
Probate provides a clear and orderly plan for administering the estate, which includes identifying all assets belonging to the deceased person and determining their value (inventory), paying any outstanding debts or taxes owed by the estate, distributing property to the people who are entitled to it, putting the estate in order and closing it out once these have been accomplished.
Probate of a will is the court process used to administer an estate. This includes identifying all assets belonging to the deceased person and determining their value (inventory), paying any outstanding debts or taxes owed by the estate, distributing property to the people who are entitled to it, putting the estate in order and closing it out once these have been accomplished.
A Will does not avoid probate.
A will is a legal document that allows you to name who will receive your assets and property after your death. It's not a contract between you and your heirs, but rather it states what you want done with your estate in the event that something happens to you.
A will does not avoid probate, but it can help make the process easier for those left behind. More importantly, writing a will can ensure that all of your wishes are carried out as planned once it becomes time for them to be put into action.
It is important to understand what probate is and how it works. If you are planning on making a will or have questions about the process, please contact us today. We can help you navigate through this process so it goes smoothly for everyone involved! CLICK HERE to schedule a free 30-minute consultation with Attorney Matthew Hess, or feel free to contact us at (847) 367-6990 or by email at firstname.lastname@example.org.