Attorney James R. Carey serves as partner in the Illinois firm of Levin Schreder & Carey, Ltd. Focused on estate and trust matters, attorney James R. Carey has presented on Illinois probate law through the National Business Institute.

1. ESTATE SETTLEMENT OPTIONS IN
ILLINOIS
James R. Carey, Attorney

2. INTRODUCTION
 Attorney James R. Carey serves as partner in the Illinois firm of Levin
Schreder & Carey, Ltd. Focused on estate and trust matters, attorney
James R. Carey has presented on Illinois probate law through the
National Business Institute.
In the State of Illinois, when a person dies with a valid will, the executor
of that will must ensure that all assets are distributed correctly and
according to the deceased's wishes. If the estate totals less than
$100,000 in assets and does not include any real estate, it is eligible for
processing under state small estate procedure. This procedure requires
only the completion and notarization of an affidavit that lists assets and
their intended recipients.
If an executor does not wish to use this procedure, or if assets exceed
$100,000 in value, the estate must go through the probate process. This
involves supervision by the court, which may be either full or limited in
scope.

3. ESTATE SETTLEMENT
 Limited supervision enables the estate administrator to
independently complete the asset accounting and distribution,
which includes payment of amounts due to known creditors. The
administrator must publicly announce probate to notify unknown
creditors, and must secure a taxpayer identification number so
that the estate can pay any taxes due. Following completion of
the process, a judge must review and approve the administrator’s
efforts.
If there is debate about the distribution of the estate, however, an
executor may require full supervision by the court. This process
requires more active involvement on the part of the judge and can
be a key tool in resolving such issues as execution of the will or
disputes regarding the actions of the executor. The majority of
cases do not need such extensive oversight.