What book to get for learning to administer an estate in Illinois?

[HereSince1628]

This looks like it could be coming my way, and I don't have any experience.

[BlackVelvetElvis]

1. I got a lawyer.

I went through this last year. A complicated $200,000 estate with trust funds. They saved me miles of grief and only charged me a few thousand. Since I (as executor) was personally liable (and dealing with an insane family) the lawyer made sure my butt was covered.

[WeRQ4U]

2. Second that....

There are books you can get to help you. But they will cost about 300 bucks and a semester of law school to figure out.

[HereSince1628]

4. Well, I plan to get a lawyer but I'd like to have an idea of questions

to ask.

[BlackVelvetElvis]

5. The Basics: First job you have is to locate the will.

It should be filed with the court but you should have a copy as executor. Then you will have to be qualified with the Clerk of Court. May take a few weeks. You then get your Letters of Testamentary.

You have to find out if the deceased owes money. An add must be placed for a specific amount of time in a paper. Many adds are placed in a small community paper (to save money). Any money owed comes out of the estate.

You will probably have to get a tax number for the estate.

Find all assets: real estate, household items, jewelry, investments, insurance money. You may have to have appraisals done on real estate or jewelry. If nothing is specified as to what to do with them, you may have to liquidate them. You will have to prepare an inventory for the Clerk of Court.

The creditors will then be paid, and all money paid out to heirs. You are in charge of that.

You are responsible for the deceased person's 2005 tax returns. When they are filed you will need your Letters of Testamentary and writed "Final Return-deceased" on the return.

Then you get your cut. Maybe 4-6% of the estate when it is settled. It took about a year for me.

[Nay]

3. Remember that you are NEVER obligated to be the executor.

You can ask the state to do the dividing for you. My husband's brothers and sisters wish they had done that and saved themselves money, heartache, hassles, and pain.

A good lawyer is a must, but so hard to find.

[trof]

6. Get twice as many copies of death certificate as you think you'll need.

Provide all heirs with a copy of the will, if there is one.
If other heirs are involveld, stock up on tact and patience.
Good luck.
I've done this three times.
The only time everything went smoothly was when I was the sole heir.