Inheritance Elgin IL

Inheritance Elgin IL – Law Offices of Anthony R. Scifo – Call 847-628-8311

When a person dies, their named beneficiaries or heirs inherit that person’s estate, properties and assets. This is done through a last will and testament. If the deceased person did not have a will, the distribution of their estate goes according to Illinois intestacy laws. The term “inheritance” basically entails the decedent’s estate, property and assets. The person or persons who receive the estate is known as the beneficiary. Inheritance law can be confusing, and the process must be timely. This is why it’s a good idea to work with an estate planning attorney when finalizing your estate plan

-Dividing an estate. There are some assets that don’t pass through a will. Consequently, they are not subject to the state of Illinois’ intestate laws. Regardless if there’s a will, when the deceased has assets transferrable upon death, the named beneficiaries can inherit the assets.

Examples would include:

In some cases, a deceased person may leave non-probate properties or remaining debts that exceed the value of their estate. In that event, the named beneficiaries might not inherit any assets because the estate is insolvent. Both the state of Illinois and the federal government collect estate taxes from an inheritance. An estate tax applies to a property’s value when a person passes away before beneficiaries inherit the property.

Inheritance Elgin IL – Law Offices of Anthony R. Scifo – Probate, Wills, Estate Planning and Elder Law – 847-628-8311

It’s important to name an executor who will oversee distribution of assets from an estate. A person can name an executor in their will. That person is responsible for executing the deceased’s wishes according to the will. However, when there is no valid will, the closest relatives will name someone to serve as executor of the estate. In the event family members are not able to determine an executor, a judge will typically appoint one.

Intestacy Laws

“Intestate” is when a person passes away without a valid will. A will is a legal document that states what a person wants to happen to their possessions after they die. It identifies the assets that the person possesses and who should receive those assets. These may include, for example, personal property, investments and bank accounts.

The state of Illinois’ intestacy laws determine who shall receive the assets of an individual who dies without a will. Intestacy laws apply only to probate property. These are properties that a probate court must distribute. It includes assets owned fully by the deceased and not, for instance, property the deceased owned jointly with another party. Probate can be a complex process, but in simple terms intestacy laws apply as follows:

-In the event the deceased is survived by their spouse and their descendants, the spouse receives half of the properties. The descendants (children, grandchildren etc.) divide up and receive the other half.

-When the only surviving beneficiary is a spouse, then the spouse receives all of the property.

-If the only surviving beneficiaries are the children, they receive and divide the entire property among themselves.

Get Answers to Legal Questions about Inheritance – 847-628-8311

Law Offices of Anthony R. Scifo – 847-628-8311

Additional information regarding Inheritance Elgin IL laws:

Questions about Inheritance Elgin IL? Talk to a Lawyer at 847-628-8311

The probate process in Illinois ensures the correct distribution of a deceased individual’s property. In addition, probate ensures that any remaining taxes and debts are paid in full. Probate is a legal procedure supervised by the court. It is sometimes a requirement after someone dies. Without a doubt, navigating the probate process can be difficult. If you’re currently involved in probate, the estate planning attorneys at our firm are here to guide you through the process.

In Illinois, probate is necessary if the deceased’s assets were owned solely (rather than jointly). Or, if the assets have a value of $100,000 or greater and if the assets consist of real estate. In general, a probate proceeding can finalize in less than one year. However, if there are disputes regarding the estate the process can, naturally, take longer.

The circuit court system in Illinois deals with probate cases. Bigger counties have their own probate divisions. Illinois’ courts hear probate cases in the county where the decedent use to live.

Is Your Will Valid and Up-to-Date? Concerns about How the Law Affects Inheritance Elgin IL? Talk a Lawyer Today at 847-628-8311

There are certain requirements when it comes to creating a legal will in the state of Illinois. Call our law offices to for help in drafting this important document. A will means you’ll have confidence knowing the Inheritance Elgin IL of your estate will proceed according to your wishes.

Creating a will is essential for planning who shall receive your belongings after you die. From cash and personal items to real estate and vehicles, a will addresses all your assets. It’s a document that ensures accurate distribution to your loved ones. Illinois law allows the person creating writing the will an opportunity to take care of a spouse, children, grandchildren and even pets. In addition, you can also leave assets or gifts to charities of your choice through a will.