Estate And Trust Administration In Oak Brook, Illinois
When you are tasked with administrating an estate or trust after a loved one’s passing, having skilled legal guidance can be vital. At Kogut Novak & Kaminski, LLC, we understand that the administration of each estate or trust is unique. Our experienced team is committed to guiding clients through all phases of the administration process efficiently, ensuring timely asset distribution to beneficiaries. Our estate and trust administration lawyers ensure that the process is handled with care and precision.
Efficient Probate Process
Formal probate proceedings are typically necessary when a decedent’s probate assets (i.e., assets titled solely in the decedent’s name alone) exceed $100,000. There are still situations that may allow for a transfer of real estate without the probate process, such as by using a bond in lieu of probate. Probate proceedings may also be recommended if there exists a potential contested claim or other disputed issues. Throughout the administration process, our estate and trust administration attorneys can help you collect all assets, resolve any estate debts, taxes and expenses, and distribute the intended inheritance to the specified beneficiaries, all in accordance with the will and Illinois state law. Our attorneys will work with the accountant of your choosing for any tax issues that may arise.
Trust Administration And Funding
Proper trust administration is crucial, especially when trusts are not fully funded. Funding a trust involves transferring assets into the trust during the decedent’s lifetime or after the decedent’s death, and improper funding can lead to complications. We recognize the importance of trust asset administration, specifying the responsibilities of the successor trustee’s responsibilities, including asset collection, creditor notification, debt settlement and trust distribution procedures. We can help trustees understand these responsibilities so they can effectively manage their duties and ensure their beneficiaries receive the proper assets.
Frequently Asked Estate And Trust Administration Questions
As we assist our clients through these challenges, we also help them by answering their questions, including ones such as:
Does a fiduciary need an attorney?
Yes, a fiduciary often needs an attorney to help navigate legal responsibilities and ensure proper asset distribution. Illinois case law has held that a non-attorney cannot personally represent the legal interests of an estate
Meet With Our Team Today
For experienced assistance with estate and trust administration, contact Kogut Novak & Kaminski, LLC. Call us at 630-948-4729 or email us here to schedule your initial consultation today. The sooner we can get started on your administration needs, the sooner we can settle them.