Probate Attorney in Niles, Illinois
What is the probate process?
What is the probate process?
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When an estate must be administered through the probate division in court, the process generally begins with identifying all of the assets that are considered probate assets. Once this is determined, the next step is to collect and preserve those assets.
For example, if there is a house, it must be protected, and it may need to be sold. For investment accounts or bank accounts, funds should be consolidated in order to pay creditors and continue the probate process.
After identifying the assets, the next step is to determine the creditors and pay those bills. Other open-ended issues, such as tax returns, must also be addressed. Finally, the remaining balance of the estate is distributed to the beneficiaries.
The entire probate process can take anywhere from six months to several years, depending on the number of beneficiaries, the number of assets, the complexity of the situation, and whether any objections arise along the way.
Niles, IL estates & probate attorney Dana Zivkovich discusses the probate process. She explains that when an estate must be administered through the probate division of the court, the process generally begins with identifying all assets that qualify as probate assets. Once identified, those assets must be collected and preserved.
For instance, if the estate includes a house, it must be safeguarded and may need to be sold. Investment or bank accounts are typically consolidated to allow for the payment of creditors and to move the probate process forward.
After the assets are secured, the next step is to identify creditors and satisfy any outstanding obligations. Additional matters, such as filing tax returns, must also be addressed. Once these requirements are met, the remaining balance of the estate is distributed to the beneficiaries.
She notes that the probate process can last anywhere from six months to several years, depending on factors such as the number of beneficiaries, the extent of the assets, the complexity of the estate, and whether any disputes arise during the proceedings.
