Protecting Your Interests In Estate Administration
Estate administration is the process of collecting and valuing a person’s assets, paying creditors and distributing the remaining assets to beneficiaries according to his or her wishes. The legal process is known as probate. In Illinois, probate occurs in circuit court.
The attorneys at Bruckert, Gruenke & Long assist executors and heirs with the probate process, which can take several months or even a year or more to complete. That timeline is extended if there are disputes or legal challenges.
We focus on streamlining the process and assuring that you adhere to all federal and state guidelines regarding payment of taxes and other issues. Our attorneys bring a wealth of experience in estate planning and estate administration matters. We will prepare all of the documents required to complete probate and serve as your advocate at probate hearings.
In Illinois, estate tax is due to the state if the estate is valued at more than $4 million. Federal estate taxes are due if the estate is worth more than $5.45 million. These figures are indexed for inflation. Consult with a knowledgeable estate administration attorney if you have questions about estate taxes.
Not All Assets Need To Go Through Probate
Assets that were owned jointly – such as a house or a shared banking account – or where there was a designated benefactor – such as a retirement account – are not required to go through probate; they can pass directly to a co-owner or benefactor. Assets placed in a trust may also be able to pass to heirs without going through probate.
We welcome the opportunity to answer your questions about the probate process or an estate dispute. Call 618-589-1152 or 866-901-6137 toll free or use our contact form to schedule a consultation with a lawyer at our O’Fallon or New Baden office.