Estate Planning, Probate & Elder Law Attorneys

» Probate Checklist

One of my very long-range projects is creating a comprehensive, soup-to-nuts checklist for Illinois probate. This may be a stand-alone website with just my own content, or I may set it up as a wiki. Anyway, here is the rough outline of things I hope to cover, which can serve as a very rough checklist for Illinois probates:

1.0 Deal with funeral and related post-death matters (including anatomical gifts)

2.0 Find and file the Will, if any

3.0 Compile a list of the decedent’s assets and liabilities

4.0 Compile a list of the decedent’s heirs and (if there’s a Will) legatees

5.0 Determine who will be personal representative (executor or administrator)

6.0 Initiate a probate proceeding (if needed)

7.0 Deal with initial practical matters (forward mail, contact social security, etc.)

8.0 Collect property

9.0 Liquidate or otherwise manage property

10.0 Deal with claims, if any

11.0 Deal with litigation, if any

12.0 Pay taxes

13.0 Close the estate

» Stock Certificates and Probate

One of the things that I emphasize as an estate planner is "making things easy" for the people who will ultimately handle your estate, by getting yourself organized. That saves them a lot of aggravation, and will also save your estate a fair amount of money, as no one will need to pay an attorney $200+ per hour to figure out how many bank accounts you had, or whether you executed a Will.

Columnist Christopher Yugo espouses the same philosophy in this Q&A regarding stock certificates. As a probate attorney, stock certificates are a real nuisance (and it sounds like Mr. Yugo has had the same experience). The best approach is to set up a brokerage account, and let an investment professional take care of fulfilling all necessary transfer agent requirements.

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