Estate Administration Mattoon IL – Bates Law Office – 501 Jackson Avenue – Charleston IL – Call 217-512-1847
When a person passes on, all of her or his possessions – such as money, real estate, stocks, personal items –then become a part of their estate. Estate Administration Mattoon IL refers to the procedure of collecting and overseeing the estate, distributing the remaining assets to heirs and paying off remaining taxes and debts. The estate’s heirs are determined according to a will. If the person dies without a valid will in place, distribution of their estate proceeds according to intestacy laws.
Wills are among the most common ways that people can express their preferences regarding how to handle their property after their passing. A will is comparable to a kind of instruction manual for the probate court, which is the court that supervises Estate Administration Mattoon IL and any disagreements over the will. In addition, the will supplies the court with useful guidance on to how to dispense the deceased’s assets according to their wishes.
Formal and Informal Probate – Estate Administration Mattoon IL
In some states, a probate procedure can either be formal or informal. A formal proceeding typically entails, more oversight by the court and usually takes one or sometimes more than one court hearings. However, probate can be formal in stages and informal in other stages. For instance, the proceedings can begin formally, with a hearing to name a personal representative, then end informally with filing of paperwork with the court expressing how to distribute the assets.
An informal probate, on the other hand, usually means filing some standard paperwork, followed by the court appointing someone to handle the estate, pay debts and distributing the remaining. The court might not require hearings and instead simply review the documents filed.
Consult with Bates Law Office for help with Estate Administration Mattoon IL.
