An executor plays an important role in Illinois estate administration, making sure that a deceased person’s final wishes are honored and their estate is handled according to the law. When someone passes away, their executor is responsible for managing assets, paying debts, and distributing property to beneficiaries as outlined in the will. Selecting the right executor is an important decision that can impact the entire probate process.
Under Illinois law (755 ILCS 5/6-1), an executor is appointed by the court if a valid will names them. If no will exists, the court will designate an administrator to oversee the estate. Executors must fulfill their duties with honesty and efficiency, following legal requirements and acting in the best interests of beneficiaries.
The first responsibility of an executor is to file the deceased person’s will with the local probate court in the county where they lived. Probate is required in Illinois if the estate includes real estate or assets valued over $100,000. The executor must file a petition with the court, notify heirs and creditors, and obtain letters of office granting them the legal authority to act on behalf of the estate.
Once appointed, an executor must locate and safeguard all assets, which may include:
Illinois law (755 ILCS 5/20-1) requires executors to act prudently in managing these assets, ensuring they are not wasted or misused before distribution.
An executor is responsible for identifying all outstanding debts, including:
They must also file final income tax returns and ensure any estate taxes are paid. Illinois does not impose an estate tax on estates valued under $4 million, but federal estate taxes may apply to larger estates.
After debts and taxes are settled, the executor must distribute the remaining assets according to the terms of the will. If disputes arise, such as disagreements among beneficiaries, the executor may need to work with the court to resolve conflicts.
Once all debts are paid and assets are distributed, the executor files a final accounting with the court and requests approval to close the estate. This marks the completion of their role.
In Illinois, an executor must be at least 18 years old, a U.S. resident, and of sound mind. The court may reject someone with a felony conviction or who is found to be incapable of fulfilling the role.
Yes, an executor can also be a beneficiary. Many people choose spouses, children, or close relatives to serve as their executors. However, they must still act fairly and impartially in administering the estate.
No, an executor is not personally responsible for estate debts unless they mismanage estate funds. Their duty is to ensure debts are paid using estate assets.
Most estates are settled within six to twelve months, but complex cases may take longer. Illinois law allows creditors six months to file claims against an estate, which can extend the process.
Yes, an executor can be removed by the court if they:
Interested parties can petition the court for removal if they believe the executor is acting improperly.
Not necessarily. If an estate’s value is under $100,000 and contains no real estate, heirs may use a Small Estate Affidavit to distribute assets without formal probate.
Serving as an executor is a significant responsibility that requires legal knowledge and careful management. If you have been named an executor or need guidance in estate planning, we can help.
At Orlowsky & Wilson, we provide comprehensive estate planning services to clients throughout Chicago and Lincolnshire. Contact our Lincolnshire contested estates lawyers at Orlowsky & Wilson (847) 325-5559 to schedule a consultation.
