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when an estate has to be administered
through the probate division in court
generally speaking you have to first
identify all of the assets that are
considered probate assets once you have
that figured out you have to collect
those assets and preserve them
so if we’re talking about something like
a house we need to be sure that the
house is protected maybe it needs to be
sold if we’re talking about investment
accounts or bank accounts we need to
consolidate funds so that we can pay
creditors and move forward in the
probate process
so once you’ve figured out what the
assets are you have to figure out who
the creditors are you have to pay those
bills wrap up those open-ended issues
like tax returns things like that and
then you’re going to be Distributing the
balance
to the beneficiaries of the estate so
the whole process can take anywhere from
six months to several years depending on
the number of beneficiaries depending on
the number of assets how complicated the
situation is and whether there are any
objections along the way
Niles, IL estates & probate attorney Dana Zivkovich discusses the probate process.