Guardianship in Illinois - PowerPoint PPT Presentation

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Guardianship in Illinois

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Understand what it means to be a guardian as well as the Illinois guardianship process so you can protect your loved one who is unable to properly care for himself or herself. – PowerPoint PPT presentation

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Title: Guardianship in Illinois


1
Guardianship in Illinois
2
Estate Planning Decisions
3
Your Last Will and Testament is likely the
foundation of your estate plan
4
When creating your Will you will need to make
numerous important decisions relating to your
estate assets
5
You will also need to appoint an executor
6
The appointment of your executor should not be
made lightly
7
Executor Power and Authority
8
If you die without a valid Will you died
intestate
9
The court will appoint an administrator to handle
the probate of an intestate estate
10
If you executed a Will prior to death you
appointed an executor to administer your estate
during probate
11
Illinois law grants both an administrator and an
executor certain power and authority to
administer an estate
12
Your Will may grant your executor additional
powers
13
You may waive the need for your executor to post
a surety bond
14
Preliminary Matters
15
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16
Opening Probate
17
Determine if formal probate required
18
Illinois offers small estate affidavit for
estates worth less than 100,000 with no real
property that meet additional criteria
19
If formal probate is required, executor must file
documents with court to open probate
20
Executor typically retains an estate planning
attorney to assist
21
Arrange for funeral and burial expenses to be
paid out of estate assets
22
Locating, Inventorying and Valuing Assets
23
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24
May require professional appraisals
25
Creditor Claims
26
Notice must be given to all known creditors
27
Copy of probate must be published to give all
unknown creditors notice
28
Creditors have 6 months to file a claim
29
Executor must review and approve or deny all
claims
30
Approved claims are paid out of estate assets
31
Creditor may appeal to court if a claim is denied
32
Probate Litigation
33
Executor must defend estate during all litigation
34
Litigation may stem from creditor claim or
challenge to Will (Will contest)
35
Attorney may represent your executor but executor
ultimately responsible for defending your estate
36
Managing Property
37
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38
Taxes
39
Both personal income tax returns and federal
gift and estate tax returns must be prepared and
filed by your executor
40
Any tax due must be paid out of estate assets
41
Transferring Assets to Beneficiaries
42
After a final inventory is filed with the court
and accepted your executor must prepare all legal
documents necessary to transfer the remaining
estate assets to the intended beneficiaries
pursuant to the terms of your Will
43
LEARN MORE ABOUT GUARDIANSHIP IN ILLINOIS
44
Click to visit www.NashBeanFord.com
445 US Highway 6 EastGeneseo, IL 61254Phone
(309) 944-2188Fax (309) 944-3960
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