The Estate Settlement Process in Illinois
What Is Estate Settlement?
Estate settlement is the legal process of administering the assets and debts of someone who has passed away. Most people refer to estate settlement as probate, but most of the time, there is much more to probate than merely filing a will with the court.
At Crowder & Scoggins, we look at the estate as a whole, and not just probate. Even if your loved one had a trust, and everything was in the trust, settling a trust can be much more complicated than even a simple probate estate.
As an executor or success trustee, or even co-trustee, you have many fiduciary obligations to the beneficiaries of both the estate and the trust.
We are here to help you in this difficult time, we offer free advice, and are willing to go to you, to have phone conversations and virtual meetings. We have helped trustees and executors state wide in both Missouri and Illinois.
We help you streamline the process
As a first time executor or trustee, we can help you move your estate through the process quicker.
The estate settlement process
At the start of settling an estate, the trustee or executor needs to identify and collect all assets of the estate, obtain an EIN, and open a bank account. They also need to notify beneficiaries, pay any outstanding taxes or debts, and gather necessary documentation. A thorough inventory of assets and liabilities is crucial for accurately distributing the estate’s assets.
If you have been named as an executor or successor trustee, it is important to understand your responsibilities when it comes to managing and distributing assets for the estate. This can be a complex and time-consuming task, but we are here to help guide you through the process and ensure that everything is handled properly and in accordance with the wishes of the deceased.
Liabilities to Beneficiaries
Successor trustees and executors have several potential liabilities, including to the courts, the IRS, and the beneficiaries. If they fail to fulfill their duties, they could face civil liability and even criminal liability. It is crucial for trustees and executors to act with care and diligence to avoid these consequences. With their role as overseers of the assets, finances, and wills of others, trustees and executors must navigate complex legal and financial terrain with precision and integrity.
They must adhere to strict deadlines, accounting and reporting requirements, and act transparently, all while dealing with potential disputes and conflicts of interest. As such, being a trustee or executor is a major responsibility that carries with it significant risks and potential ramifications. By understanding and fulfilling their duties, trustees and executors can safeguard their clients’ assets and legacy, while also protecting themselves against any potential legal action.
We are a Partner for Executors and Success Trustees
Serving all of Missouri and IIlinois
Decades of Experience
For more than six decades, our team has been assisting executors and successor trustees with their legal matters. With our experience and extensive knowledge, we are well-equipped to provide guidance and support throughout the process. Whether you are facing complicated estate matters or need help with trust administration, we are here to help you every step of the way.
Active and Transparent
At Crowder & Scoggins, Ltd, we take an active and transparent approach to helping you settle your loved one’s estate. Our upfront pricing ensures that you know exactly what we will cost the estate, alleviating any stress about the bill and allowing us to focus on providing you with efficient and effective guidance in the settlement process.
Partners?
We believe in providing more than just legal services. We see ourselves as your trusted partner in settling your loved one’s estate. We understand that settling an estate can be a complex and overwhelming process, which is why we offer our expert guidance and support. We are equipped to assist you with both the legal and non-legal aspects of estate settlement, ensuring that the process is as smooth and stress-free as possible.
Call us now for a Free Consultation
Let us help you with your estate settlement needs.
