Lake County Probate Administration Lawyers
Summary release from Administration.
This procedure generally applies where the assets of the estate are less than $2,000 or the amount of the funeral and burial expenses.
Release of administration
This procedure generally applies where the assets of the estate are $35,000 or less and the Probate Court finds that creditors will not be prejudiced; or if the assets of the estate are valued at $100,000 or less and either: (a) the decedent's Will leaves all of the assets to the surviving spouse; or (b) there is no Will and the surviving spouse is entitled to receive all of the assets of the estate.
This procedure may be followed whether there is a Will or not. The person in charge (fiduciary/administrator/executor) has numerous obligations and procedures which must be followed.
Examples are as follows:
- Admit Will to Probate Court
- Have executor/administrator appointed
- Obtain and file bond, if necessary
- Obtain taxpayer identification number (TIN)
- Open an Estate bank account
- File inventory within three months of appointment of fiduciary
- Collect assets & appoint appraisers, if necessary
- Convert the assets into money, as needed
- Invest the estate's assets
- Pay creditors and succession taxes
- File State and Federal Estate tax returns, if necessary
- Distribute to legatees or distributes
- File accounts, including final account
- File income tax return, if necessary
- Settle the estate.
Contact Our Northeast Probate & Estate Attorneys
Our attorneys can be reached by e-mail or by telephone at 800-610-9556. Speak to one of our attorneys before you sign a settlement agreement.
Free initial consultation in person or over the phone.