What Happens When You Die Part 2

In Part 1 we outlined the road map for this blog series. Today we will focus on the role of the Executor/Administrator of the estate of the deceased.

A person's Last Will & Testament typically makes a nomination as to who the deceased wants to act as the Executor or Personal Representative of the Estate. Usually the document will make a backup designation for that position and waive certain statutory requirements for the Executor, such as waiving the posting of a bond, which is otherwise required to ensure the Executor does not misappropriate the funds.

When the deceased died without a Will, the Personal Representative of the Estate is known as an Administrator. The law dictates who will have preference to act as Administrator and the formalities that the Administrator must follow in order to act. Typically a spouse would have priority to act, and then the children of a deceased. Again, these default provisions may not be what the deceased would have wanted, but a Will is the only way to make nominations different from the State defaults.

Once a Personal Representative is appointed, they have several responsibilities. These responsibilities vary depending on the assets and debts of the deceased and who the beneficiaries will be. Some of these tasks include:

- Determining and notifying beneficiaries and creditors of the opening of the estate
- Notifying financial institutions of the death of the account owner
- Taking possession of real and personal property of the deceased
- Collecting any income due to the deceased
- Publishing a notice in a local newspaper
- Paying debts and taxes of the deceased
- Selling or transferring real estate and personal property
- Distributing all assets left after payment of debts and expenses

In Illinois, this process will take at least six months to finalize. However, a diligent Personal Representative can have the estate ready for distribution within that timeframe.

In the next installment, we will discuss the attorney's role in assisting the Personal Representative in the estate administration process.