October 2018

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Illinois Real Estate Lawyers Association

I am very excited to announce that I was recently appointed to the board of the Illinois Real Estate Lawyers Association (IRELA). The purpose of the organization is to protect Illinois consumers and businesses in real estate transactions and to protect the real estate law profession.

“Comprised of experienced attorneys dedicated to assisting individuals and businesses in connection with real estate transactions of all types. The only bar association representing the interests solely of real estate attorneys in Illinois.”

http://www.irela.org/about/
I am shown in the photo with the IRELA Founder, John O’Brien 

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What Does an Executor Do?

You just found out that you have been named as executor in a will. Now what?

First, realize that you have the right to decline and that you are not the executor until the court appoints you as the executor.The executor has a number of responsibilities including (but not limited to), taking action to protect the assets of the estate, distributing assets according to the deceased person’s wishes, keeping beneficiaries/heirs informed, arranging for tax returns to be prepared and paying the debts and taxes for the estate. One common misconception is that the executor is personally responsible for the debts and taxes of the estate.The ESTATE and not the executor is responsible for the payment of estate debts and taxes, including the funeral and burial expenses.

Many banks and financial institutions will provide limited information upon receiving a death certificate, but in order to fully access information and assets, the executor will need to provide a document from the court which appoints them as the executor (frequently referred to as Letters of Office).

The executor has a big job, and if the executor mismanages the funds resulting in a loss to beneficiaries, the executor can be found liable.

If you need an attorney to provide information and advice on the role of an executor, please call me at 708-839-9622.

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The executor is not following the deceased person’s wishes. What can I do?

In some cases, an executor does not follow the wishes of the deceased person and goes off track from the terms of the will. The article below is an interesting story about an executor that was hoping the beneficiaries would all die before the will was disbursed so that they would receive all of the estate’s assets. What the executor failed to understand is that even if all the beneficiaries died, that doesn’t mean the executor gets their portion.

https://www.marketwatch.com/story/the-executor-of-my-wifes-family-estate-is-waiting-for-all-the-beneficiaries-to-die-2018-08-03

If you have questions about your will, choosing an executor, or estate planning documents or if you are dealing with a deceased person’s estate, you are welcome to contact me for more information.