• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • Communities We Serve
      • Cook County
        • Barrington
        • Glenview
        • Northbrook
        • Skokie
      • Lake County
        • Gurnee
        • Lincolnshire
        • Riverwoods
        • Vernon Hills
        • Waukegan
  • Services
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Resources
    • Client Resources
      • Free Seminars
      • Estate and Gift Tax Figures
      • Free Estate Planning Worksheet
      • Is Your Estate Plan Outdated?
      • Probate Resources
        • Glenview Probate
        • Lake Forest Probate
        • Lincolnshire Probate
        • Northbrook Probate
        • Vernon Hills Probate
        • Waukegan Probate
    • Frequently Asked Questions
      • Asset Protection
      • Business Succession Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Financial Planning Assistance
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Probate
      • Trust Administration & Probate
      • Trusts
    • Legacy Wealth Planning
    • Published Books
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
  • BLOG
  • Contact Us
  • Review Us

Hedeker Law

Illinois Estate Planning Attorneys

Connect with us today(847) 913-5415

Attend a Free Seminar
Home / General / How Do I Know If I Need Estate Planning Services?

How Do I Know If I Need Estate Planning Services?

September 12, 2016General

Executor of my estateWhen most people think about decisions made during the creation of a Last Will and Testament they focus on decisions relating to the distribution of estate assets. There is another decision, however, that is made when you create your Will that has a significant impact on the success of your overall estate plan – the appointment of an Executor. Unfortunately, most people spend very little time contemplating the position of Executor. Instead, they simply appoint a spouse, adult child, or sibling to be the Executor of their estate without stopping to consider whether the individual is actually the best person for the job or not. One reason people make this mistake is because they do not fully understand the duties and responsibilities of an Executor. If you are creating, or updating, your estate plan in the near future, do not make this common mistake. Take the time you need and ask yourself “Who should I appoint as the Executor of my estate?”

What Is an Executor?

When an individual dies, the individual’s estate must generally pass through the legal process known as probate. Someone must oversee the probate of the estate. If the decedent left behind a Last Will and Testament, the person named as the Executor in the decedent’s Will is the person who will oversee the probate process. When a decedent dies intestate, or without a valid Will in place, someone must volunteer to be the Personal Representative of the estate and will serve basically the same function as the Executor.

What Are the Duties and Responsibilities of an Executor?

The duties and responsibilities of an Executor begin immediately after the death of the Testator of the Last Will and Testament. Typically, the Executor of the Will is in possession of an original copy of the decedent’s Will. If so, the law in most states requires anyone in possession of a decedent’s Will to submit the Will to the appropriate court for probate within a short period of time after being notified of the death. Therefore, the Executor’s first duty is to submit the Will, along with a certified copy of the death certificate, to the appropriate probate court.

The Executor is then responsible for identifying, locating, and securing all estate assets. Those assets may include both real and personal property as well as both tangible and intangible assets. Securing those assets may include anything from locking up a vacation house to closing an investment account. The court also requires a date of death value for all estate assets. Sometimes this requires the Executor to retain the services of a professional appraiser.

The Executor will need to decide which estate assets are probate assets and which are non-probate assets. Non-probate assets pass to the designated beneficiary outside of the probate process. Common examples of non-probate assets include property held in a trust, proceeds of a life insurance policy, and certain types of jointly held property. Once the estate assets have been evaluated, the Executor must decide if the estate requires formal probate or qualifies for an alternative to formal probate.

If the estate requires formal probate, the Executor must file the petition to open probate along with any supporting documents. Creditors of the estate must also be notified that probate is underway. Known creditors can be notified personally; however, unknown creditors must be notified by publication in a local newspaper. Claims filed are then reviewed by the Executor and approved claims paid out of estate assets.

In the event someone challenges the Will by filing a Will contest, the Executor has a legal obligation to defend the Will admitted to probate. Assuming the Will is not declared to be invalid, the Executor must then calculate and pay any state and/or federal estate taxes due on the estate. If sufficient liquid assets are not available to cover the tax obligation, estate assets must be sold by the Executor and the profits used to pay the tax bill. Finally, the Executor must prepare any legal documents necessary to effectuate the legal transfer or the remaining estate assets to their new owners.

Now that you have a better understanding of the numerous duties and responsibilities an Executor has, you will hopefully take the time to choose your Executor wisely.

Contact Us

If you have additional questions or concerns regarding the Executor of your Will, contact the experienced Illinois estate planning attorneys at Hedecker Law, Ltd. by calling (847) 913-5415 to schedule an appointment.

  • Author
  • Recent Posts
Dean R. Hedeker
Dean R. Hedeker
Dean Hedeker is a leading Chicago-area authority on estate and tax planning, business law and investments. A long-time resident of north suburban Lincolnshire, Dean has more than 35-years experience helping business owners and families grow, protect and pass on their hard-earned money through tax planning, estate planning and investment management services.
Dean R. Hedeker
Latest posts by Dean R. Hedeker (see all)
  • How Can I Terminate a Living Trust? - September 24, 2019
  • Is an AB Trust Right for My Estate Plan? - September 12, 2019
  • How Can I Include Philanthropy in My Estate Plan? - September 4, 2019

Other Articles You May Find Useful

Lincolnville inheritance planning attorney
Lincolnshire Inheritance Planning — Keeping the State Out of Your Estate
Asset protection trusts
Asset Protection Trusts — Can They Protect My Assets If My Spouse Remarries after I Die?
Vernon Hills estate planning lawyers
Vernon Hills Estate Planning Lawyers Explain 10 Steps to Creating an Estate Plan
trust administration
Trust Administration Questions to Ask Yourself When Appointing a Trustee
Lincolnville asset protection trusts
Lincolnshire Asset Protection Trusts – Are Your Assets Safe?
estate planning attorneys
Estate Planning Attorneys Explain the 5 Most Important Estate Planning Components

Primary Sidebar

FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • twitter
  • link
  • youtube

Testimonials

Client Review
September 8, 2020
    

Dean's knowledge is very comprehensive and current. He not only sees and understands the particular question but he puts it in the context my particular matter and to the overall business and tax environment. Dean has been my attorney for many (over 20) years. I am also an attorney but I would never make a tax, business or financial decision without his extraordinary advice and counsel.

default image
Raymond

Where We Are

LINCOLNSHIRE
1 Overlook Point, Suite 610,
Lincolnshire, IL 60069
Phone: (847) 913-5415

See Larger Map Get Directions

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Map

hedeker_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Privacy Policy
  • Disclaimer
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • twitter
  • link
  • youtube
footer-logo

Hedeker Law Ltd.
All Right Reseved.

Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.