Illinois law allows the executor of the estate of an Illinois decedent to receive "reasonable compensation" for his work, but unlike some states it does not specify an actual percentage of the estate's assets to which the executor is entitled. All compensation must meet approval of the probate court. For this reason, executors in Illinois should carefully track all hours spent working on the estate. Reasonable compensation depends on the time and effort involved.
Executor
The testator, or person writing the will, names the executor as the person he wants to administer his estate and fulfill his intentions as designated in the will. The executor receives formal appointment from the probate court in the county in which the decedent resided. The executor has a financial duty and responsibility to the estate. In most cases, hiring an attorney to guide the executor through the probate process is advisable. In Illinois, attorneys receive an hourly fee, not a percentage of the estate.
Opening Probate
The executor must file the original will with the probate court within 30 days of the decedent's death, along with a certified copy of the death certificate, and file a petition to open probate. The court then qualifies and appoints the executor within 30 days of the petition filing and issues "letters testamentary," which are documents necessary to administer the estate. The executor must notify all heirs and beneficiaries listed in the will of the opening of the probate process.
Executor Duties
The executor must protect and inventory all assets, including real estate and tangible personal property, held solely in the decedent's name. Tangible personal property includes cash, stocks and bonds, mutual funds, bank accounts, motor vehicles, art, jewelry and antiques. The executor must pay any of the decedent's debts or claims to the estate out of the estate's assets, file the decedent's final tax return and pay any taxes due and file any required estate taxes. The executor must file an estate accounting with the court on at least an annual basis, advising the court and heirs and beneficiaries of the status of the estate.
Distribution
Once all debts and taxes are paid and any claims settled, the executor first distributes legacies, if any, listed in the will. A legacy is tangible personal property left to a specific heir. For example, the decedent may have bequeathed the family silver to one of her children, and certain pieces of jewelry to another. The executor may then ask the court for compensation, and after it is granted, the balance of the estate is divided according to the percentage specified in the will to heirs and beneficiaries.
References
- Probate Illinois: Frequently Asked Questions
- Illinois General Assembly: Estates
- Judicial Council of California. "Wills, Estates, and Probate - What Is 'Probate'?" Accessed April 27, 2020.
- Mergen Law LLP. "Definition: Executor and Executrix." Accessed April 27, 2020.
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- Office of the Executive Secretary, Supreme Court of Virginia. "Probate in Virginia - What Are the Basic Duties of an Executor or Administrator?," Pages 4-5. Accessed April 27, 2020.
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- Federal Trade Commission. "Debts and Deceased Relatives." Accessed April 27, 2020.
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- Tennessee Department of Revenue. "Tennessee Inheritance Tax Guide," Page 6. Accessed April 27, 2020.
- Legal Information Institute. "26 U.S. Code § 2032. Alternate Valuation." Accessed April 27, 2020.
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- Tax Foundation. "Does Your State Have an Estate or Inheritance Tax?" Accessed April 27, 2020.
- Superior Court of California, County of Santa Clara. "How Are Taxes Handled in Probate?" Accessed April 27, 2020.
- Alaska Court System. "Do I Have to File a Federal Income Tax Return for the Person Who Died?" Accessed April 27, 2020.
- Superior Court of California, County of Santa Clara. "What Must I Do to Close the Estate?" Accessed April 27, 2020.
- Alaska Court System. "Does the Personal Representative Have the Right to Be Paid?" Accessed April 27, 2020.
- Superior Court of California, County of Santa Clara. "If I Serve as Executor, Will I Get Paid?" Accessed April 27, 2020.
Writer Bio
Jane Meggitt has been a writer for more than 20 years. In addition to reporting for a major newspaper chain, she has been published in "Horse News," "Suburban Classic," "Hoof Beats," "Equine Journal" and other publications. She has a Bachelor of Arts in English from New York University and an Associate of Arts from the American Academy of Dramatics Arts, New York City.