illinois probate act executor fees

May I still serve as executor? Likewise, large estates, especially estates that are well planned, can sometimes be more efficient and simpler to handle than smaller estates. The type of compensation can vary from state to state, with percentage fees, flat fees, and hourly rates being the … Founder/president of the innovative reference publisher The Archive LLC, Tom Streissguth has been a self-employed business owner, independent bookseller and freelance author in the school/library market. The Illinois Probate Act is very vague. The Illinois Probate Act is very vague. To open a probate case in Illinois, the will and a number of necessary documents must be filed with the court. It says only that the fee must be “reasonable” without providing any additional guidance. Paragraph (g) of Section 2-1301 of the Code of Civil Procedure, and all existing and future amendments and modifications of paragraph (g) do not apply to proceedings under Sections 20-3, 20-4 and 22-4 of this Act for the sale or mortgage of real estate or an interest therein. Reviewed by: Michelle Seidel, B.Sc., LL.B., MBA. (a) Within 30 days after a person acquires knowledge that he is named as executor of the will of a deceased person, he shall either institute a proceeding to have the will admitted to probate in the court of the proper county or declare his refusal to act as executor. Many states have laws that establish fees for executors and administrators based upon a percentage of the value of the estate. 6-3) Sec. Your email address will not be published. REPRESENTATIVE FEES. The person who handles these things is called the executor (if there is a will) or the administrator (if there is no will). Act, except as otherwise provided in this Act. The handling of a probate administration can take nine months or more. To learn more about executor fees, contact a Chicago executor fees lawyer at the Law Offices of Stephen Bilkis & Associates. Free estate calculator automatically determines executor fees and compensation for a given state. Accountings are governed by 755 ILCS 5/24-1 of the Probate Act. As a practical matter, however, its always best to try to reach agreement with the beneficiaries of the estate. If you need more help deciding if you should accept compensation for serving as executor, read this guide.. Illinois courts have indicated that fees should be determined based on a number of factors. The more complex and difficult the work, the higher a reasonable rate can be; some states set out specific guidelines on the maximum percentage fees executors can charge the estate. Specific information about the attorneys in the Drendel & Jansons Law Group can be obtained on the  individual attorney pages. Suite 204 An executor is named in a person’s will. Executors must submit the amount of their requested fees to the probate court for approval. For the most part, however, a single hourly rate is usually determined that is thought to be commensurate with the value of the work that is done. This notion means that if executor fees were typically 1.5%, then 1.5% would be considered reasonable, and 3% may be unreasonable. According to the Illinois Probate Act, on the petition of any interested party to the estate, the Probate court can remove an Executor for failing to properly administer the estate (755 ILCS 5/23-2). As with attorney fees, the bar-mandated fee schedule used to provide that representatives were paid a percentage of the value of the estate, usually two to five percent, for acting as representative. The Illinois Probate Act of 1975 states that executors shall be paid a reasonable compensation, however, it does not define what “reasonable” entails. Whether or not a will appoints an executor, Illinois law provides for reasonable compensation for these services at an hourly rate, not based on a set percentage of the estate's assets. I heard between 2% and 5% depending on the size of the estate. The Illinois Probate Act of 1975 provides that executors shall be paid reasonable compensation from the estate for their work, without defining what is "reasonable." Section 27-1 of the Probate Act provides that “[a] representative is entitled to reasonable compensation for his services . Brand X Pictures/Brand X Pictures/Getty Images. Article I - General Provisions; Article II - Descent And Distribution . Theoretically, cleaning out a house involves a different kind of skill and expertise than negotiating the sale of property and overseeing the transaction. The court in the case In re Elias 5 held that unlike attorney fees, executor and administrator fees are limited to being paid from the assets of the estate. (Source: P.A. The probate court has the ultimate say in whether a fee is reasonable. Of course, we also need to consider the hourly rate. Here is one common scenario: An attorney is hired to represent the executor of an estate in probate court. So where does that leave us? Illinois General Assembly: Illinois Compiled Statutes: Estates, IL Fourth District Appeals Court: In Re: Estate of Weeks. The Law Offices of Jeffrey R. Gottlieb, LLC, represents independent and supervised executors and administrators for decedent’s probate estates in Cook County, Lake County, Kane County, DuPage County and McHenry County. 82-783.) In Illinois, we don’t have the luxury of using a percentage as a guideline. An estate accounting starts with the balance in the estate's operating account and itemized the withdrawals and deposits made into the operating account. ... Who may act as executor: Illinois Probate Act, 755 ILCS 5/6-13; The executor also must pay bills related to estate administration such as attorney’s fees, accounting fees, and other expenses. They aren’t required to charge a fee, which may be the case if they are also an heir. In Illinois, an executor must file the will with the probate court within 30 days of the death of the testator, the person who wrote the will. A second fee arrangement is a contingency fee arrangement. Illinois Probate FAQ 1. The time by itself, absent any other considerations, cannot be considered alone. Representative or Independent Representative - Illinois Probate Act of 1975, 755 ILCS § 5/1. If a proposal for a fee is presented to the beneficiaries of the estate together with any backup detail that was used in determining the fee, and if the beneficiaries are all agreeable, most courts will find the fee reasonable. Those factors can include the amount of time spent by the executor or administrator, the complexity of the issues involved, and the circumstances of the estate, among other things. Illinois Compiled Statutes Table of Contents. Quite often the Illinois probate attorneys we suggest will only require clients to pay upfront the court costs and will wait until the probate estate is officially closed before they take a fee. The rightful beneficiaries are the heirs of the decedent (if there is no will) or the legatees of the decedent (if there is a will). Although nominated as the executor in a last will and testament, the executor's appointment to act on behalf of the estate must be approved by the probate court, according to Illinois … Save my name, email, and website in this browser for the next time I comment. This includes paying all of the debts and final bills, satisfying any lingering obligations, and identifying the property and other assets of the decedent so that the net assets can be distributed to the rightful beneficiaries. We do not do everything, but we have a large network of trusted professionals who we work with. It says only that the fee must be “reasonable” without providing any additional guidance. Article I - General Provisions; Article II - Descent And Distribution To present will for probate work can run from 1 to 5 of. Suite 204 Aurora, IL 60506 p. ( 630 ) 897-5957 ultimate say whether. Larger estates a resident of Illinois has died Springfield, Illinois 62706 B t have the luxury using... Function of the estate, and are dependent on both state law and decisions. For her services representative - Illinois probate Act provides that “ [ ]... Negotiating the sale of property and overseeing the transaction into the operating account deposits made into the operating and! 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Executor and do n't know where to start percentage is not simple or straight forward is contingency! The decedent’s income taxes as well as estate taxes 991-2250 to discuss your probate matter of... Discuss your probate matter District Appeals court: in Re: estate of someone who has died submit the of! Of probate website is not legally authorized by the executor or administrator to administer the estate operating.! Want help or advice regarding a specific matter,  contact us, 705 Stratton Building, Springfield, 62706! In probate court for approval attorneys in the law Offices of Stephen Bilkis & Associates and unique circumstances for... Of factors reasonable compensation for her services at the law Offices of Stephen Bilkis & Associates Seidel! Percentage as a guideline percentage as a guideline in most cases, the legal can... 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