04:32
Faizan
If you are executor or administrator of an Illinois estate, there are several timelines to follow as you complete your duties in this role. While Illinois law does not provide a hard and fast deadline for closing an estate, it does prompt executors to act reasonably quickly when handling the details of estate administration. If you take your time with the process to the extent the estate’s beneficiaries are financially harmed by the delays, you could face possible personal liability to the beneficiaries as well as expulsion from the role of executor.
Opening an Estate
The first step in settling an estate is to officially open it. This is done by filing a petition to open the estate in the county where the decedent last lived. If you have the decedent’s original will in your possession, you must file it immediately upon his death; you could face personal liability for hiding the will or otherwise failing to file it as quickly as possible. If you do not have the will in your possession but are aware that you were named as the decedent’s executor, you must locate the will and petition to have it admitted for probate within 30 days of learning you are the executor. If you fail to enter the will for probate within 30 days, you could be removed as executor and replaced by another interested party.
Filing Deadlines
In order to settle the estate within a reasonable time, you must keep on top of the various deadlines required in the administration process. Once you are officially appointed as executor, you must notify known beneficiaries of your appointment in writing within 14 days. Once notice is given, watch for any filings by beneficiaries demanding formal proof of the will – they have 42 days to do this from the date the estate is opened. In a court-supervised administration, an inventory of estate assets, including real and personal property, is due within 60 days of the date the estate is opened. Once heirs have received notice that the estate is open, each has six months to file a will contest if there are allegations of undue influence or other issues.
Claims Period
One of the biggest deadlines to watch as executor is that of the creditor claims period. Under Illinois law, creditors of the estate have a limited amount of time in which to present their claims for payment or the claims are considered forever waived. As executor, you have the duty to publish notice of the decedent’s passing in a local newspaper for three consecutive weeks. Creditors have six months from the first day of the posting within which to file a claim. Illinois law also requires you to notify in writing those creditors whose addresses are known or readily ascertained. Once you do this, the creditor has only three months to make a claim from the date you mailed the notice, or six months from the first date of publication, whichever is later.
Rule to Show Cause
Despite there being no hard deadline for settling an estate, the court may issue a Rule to Show cause why the estate is still open after 14 months since your initial appointment. It will also require you to provide a thorough accounting of estate funds showing how the money has been managed since the estate was opened. If an estate is taking a substantial amount of time to settle due to conflicts over creditors’ claims, the court may permit you to settle with beneficiaries despite the outstanding claims if it determines there are enough assets to cover the amounts of valid claims. If you do receive a Rule to Show Cause, be prepared to explain why the estate is taking so long to settle, or you may face contempt charges and removal as executor.
Small Estates
Settling a small estate is a much less time-intensive task than the traditional administration timeline. If the decedent’s estate is comprised only of personal property valued at $100,000 or less, the property can pass directly to the heirs without having to wait for a claims period. A small estate cannot contain real property regardless of value. As executor, you must file a Small Claims Affidavit, which requires you to swear under oath as to the modest value of the estate.
Opening an Estate
The first step in settling an estate is to officially open it. This is done by filing a petition to open the estate in the county where the decedent last lived. If you have the decedent’s original will in your possession, you must file it immediately upon his death; you could face personal liability for hiding the will or otherwise failing to file it as quickly as possible. If you do not have the will in your possession but are aware that you were named as the decedent’s executor, you must locate the will and petition to have it admitted for probate within 30 days of learning you are the executor. If you fail to enter the will for probate within 30 days, you could be removed as executor and replaced by another interested party.
Filing Deadlines
In order to settle the estate within a reasonable time, you must keep on top of the various deadlines required in the administration process. Once you are officially appointed as executor, you must notify known beneficiaries of your appointment in writing within 14 days. Once notice is given, watch for any filings by beneficiaries demanding formal proof of the will – they have 42 days to do this from the date the estate is opened. In a court-supervised administration, an inventory of estate assets, including real and personal property, is due within 60 days of the date the estate is opened. Once heirs have received notice that the estate is open, each has six months to file a will contest if there are allegations of undue influence or other issues.
Claims Period
One of the biggest deadlines to watch as executor is that of the creditor claims period. Under Illinois law, creditors of the estate have a limited amount of time in which to present their claims for payment or the claims are considered forever waived. As executor, you have the duty to publish notice of the decedent’s passing in a local newspaper for three consecutive weeks. Creditors have six months from the first day of the posting within which to file a claim. Illinois law also requires you to notify in writing those creditors whose addresses are known or readily ascertained. Once you do this, the creditor has only three months to make a claim from the date you mailed the notice, or six months from the first date of publication, whichever is later.
Rule to Show Cause
Despite there being no hard deadline for settling an estate, the court may issue a Rule to Show cause why the estate is still open after 14 months since your initial appointment. It will also require you to provide a thorough accounting of estate funds showing how the money has been managed since the estate was opened. If an estate is taking a substantial amount of time to settle due to conflicts over creditors’ claims, the court may permit you to settle with beneficiaries despite the outstanding claims if it determines there are enough assets to cover the amounts of valid claims. If you do receive a Rule to Show Cause, be prepared to explain why the estate is taking so long to settle, or you may face contempt charges and removal as executor.
Small Estates
Settling a small estate is a much less time-intensive task than the traditional administration timeline. If the decedent’s estate is comprised only of personal property valued at $100,000 or less, the property can pass directly to the heirs without having to wait for a claims period. A small estate cannot contain real property regardless of value. As executor, you must file a Small Claims Affidavit, which requires you to swear under oath as to the modest value of the estate.
Posted in: Estate Laws
