Posted by John Harmon on November 14, 2011 at 15:20:35 from (174.26.188.250):
In Reply to: Estimating machinery posted by Dan-IA on November 14, 2011 at 10:46:00:
Sorry for your loss. If the Estate is in Illinois an inventory must be probated and when it meets certain requirements a decision to hire an Attorney must be made.The Administer of the Estate must furnish Fiduciary resposibilitie,this is usually in a bond form to keep it simple.Numerous members of an Estate really complicates things especially if some Hostility creeps into the picture.Apply to the probate couert for permission to hold an auction and dispose of the estate inventory.All creditors are notified to present their claims and bills must be paid, an accounting must be made by the Attorney to the probate court before the Estate can be closed and the remainder of the Estate distributed to the Heirs.No one may possess any of the Inventory for personal gain. some times it hurts but as an Adminstrator the small fee you are rightfully allowed to gain is not enough to soothe the hurt an Estate can create among Siblings. Some advice: distribute your posessions prior to death and eliminate any and all conflict among Heirs an Estate can create. The Attorneys fees are always subject to negotiation in my opinion. If an Attorney will not negotiate look for some one else. This is my take on settling an Estate in a Probate state.You want to do it another way? Well I can't advise any other way. I was an Administrator of a 10 year long Estate Probate in ILLinois and after 3-4 years it was a real pain in the bu** and I had some harsh words for my dad for nameing me as Executor. I will never be another one for sure.I have disposed of all my machinery and what tools I don't really need along with other stuff to help eliminate any conflict among my 3 children and 4 Grand children.Besides I need and want the proceeds for my self until I am ready for assisted Living or worse.
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