• 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      • Is Your Estate Plan Outdated?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 / Probate / Lincolnshire Estate Planning Lawyers Explain the Role of Executor

Lincolnshire Estate Planning Lawyers Explain the Role of Executor

December 5, 2017Probate

Lincolnshire estate planning lawyersIf you have a valid Last Will and Testament in place, the odds are good that your appointed someone very close to you  (spouse, adult child, best friend) to be the Executor of your estate. While that choice isn’t always a poor one, it often is. The problem is that most people do not really know what probate entails. As such, they give very little thought to the appointment of their Executor when, in fact, your Executor will directly and usually significantly impact how your estate is handled after you are gone. To ensure that your estate is handled as rapidly as possible and without any unnecessary loss of assets, the Lincolnshire estate planning lawyers at Hedeker Law, Ltd. explain the role of Executor.

Probate Basics

The overall job of your Executor is to oversee the probate of your estate. Probate is the legal process that is typically required following an individual’s death. The law requires a decedent’s estate to go through probate for several reasons, including to ensure that all of the decedent’s assets are properly identified and transferred to the new owners. One of the many advantages to executing a Last Will and Testament is the ability to appoint an Executor, meaning you are able to choose the person who oversees the administration of your estate. If you were to die without having a Will in place, or “intestate,” any competent adult could volunteer to oversee the probate of your estate. If no one volunteered, the court would have to appoint a complete stranger to the position.

Duties and Responsibilities of an Executor

Although the overall job of your Executor is to oversee the probate of your estate, to accomplish this overall goal an Executor must perform a wide range of duties and responsibilities, including:

  • Securing documents and assets. Often, an Executor is grieving the loss of a family member or close loved one; however, he/she must act quickly to prepare for the opening of probate. An original copy of the decedent’s Last Will and Testament must be located and certified copies of the decedent’s death certified ordered. Any additional estate planning documents should also be located and secured.
  • Identifying and securing assets. As soon after the decedent’s death as possible, the Executor should start identifying and securing estate assets. This may be as simple as closing a bank account or as complex as shutting down a business. A preliminary decision must also be made regarding what type of probate is required – formal or an alternative to formal for small estates.
  • Initiating probate. Probate usually occurs in the county wherein the decedent was a resident at the time of his/her death. To open the probate of an estate the Executor must obtain a certified copy of the death certificate, a signed, original copy of the decedent’s Will, and a petition to open probate. By this point, most Executors have retained the services of an experienced estate planning attorney who will prepare the necessary petition.
  • Categorizing and valuing assets. The Executor must obtain a date of death value for all estate assets and decide if they are probate or non-probate assets because some assets bypass the probate process entirely.
  • Notifying creditors and reviewing claims. Known creditors may be notified individually. Unknown creditors are notified via publication in a local newspaper. Creditors then have a statutory amount of time to file a claim against the estate. The Executor, must review all claims and approve or deny them.
  • Litigating any challenges. If a Will contest is filed, the Executor is required to defend the Will submitted for probate throughout the litigation that will follow.
  • Paying taxes. The Executor must determine if any state or federal gift and estate taxes are due from the estate. All necessary tax returns must be filed and any tax debt owed must be paid out of estate assets.
  • Distributing assets. Finally, the Executor must prepare any necessary legal documents to effectuate the transfer of the remaining estate assets to the intended beneficiaries.

Contact Lincolnshire Estate Planning Lawyers

Please feel free to download our FREE estate planning worksheet. If you have questions or concerns regarding who to appoint as your Executor, contact an experienced estate planning lawyer at Hedeker 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

Waukegan probate attorney
Are All Assets Subject to Probate?
Lincolnshire probate planning attorneys
Are You Probating an Estate? If So, Don’t Make These Mistakes
avoiding probate
Avoiding Probate in Illinois
Lincolnshire probate court
Lincolnshire Probate Court Basics
probated in Illinois
Do All Estates Need to Be Probated in Illinois?
Waukegan probate attorneys
10 Most Common Probate Mistakes

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.