Leading Estate Planning Attorney Michael T. Huguelet Reveals How To Handle Real Estate During Probate – Orland Park, IL

Top Asset Protection attorney Michael T. Huguelet founder of the Orland Park Law Office of Michael T. Huguelet, P.C highlights real estate tips to ease the burden of probate court. For more information please visit https://www.hugueletlaw.com

Orland Park, Illinois, United States – October 29, 2022 —

Probate can be one of the most challenging issues to manage, as it combines property, money and family. Estate Planning and Elder Law attorney Michael T. Huguelet offers a way through the process.

For more information please visit https://www.hugueletlaw.com

The Orland Park, IL attorney said probate is a process by which beneficiaries legally inherit assets through either a Will, or through intestate succession as an heir (no Will) from a deceased relative. 

The decedent usually lists an executor to carry out their instructions as outlined in their Will. In the event the decedent dies without a Will, a family member or other interested party may be assigned as the Administrator of the Estate.

‘’If there is property requiring a probate administration, and it doesn’t have to be sold to pay administration expenses, you will have to complete the probate process before obtaining the property title. Then, you can seek accurate current market value and marketing advice from a realtor before listing it.’’

The founder of the Law Office of Michael T. Huguelet, P.C., said a starting point for an executor is to contact a probate lawyer to understand the process as it may require filing court-related documents, collecting life insurance policies and handling tax-related matters.

The process is kicked off with a petition filed with the Court where the deceased resided. Mr.Huguelet advised to check state laws to know where you stand if you live out of the state or county of the decedent’s residence.

‘’Inform beneficiaries listed in the Will upon petitioning for probate and the court date, as required by statute. Legitimate and identified creditors, such as credit card companies, must also be informed after the Estate is opened.’’

Mr Huguelet said: “The next step is to put together an estate inventory. This includes locating all estate planning documents, the person’s assets, such as bank statements, life insurance policies, property deeds, and any debts that could stand against the estate’s value.”

Once done, the Executor can settle any legitimate debts or personal loans with money from the Estate and file any required income tax returns, including paying any state and/or Federal Estate taxes. He said: “When outstanding bills and creditors have been paid, all administration expenses are paid and any applicable taxes paid, you can transfer the Estate assets to the beneficiaries of the Estate.”

Real estate can be a minor thorn in an Executor’s bid to complete the probate process, particularly if someone who died has left no Will. In any event, you should check applicable state laws and consult a probate attorney when selling a probate asset with or without court involvement, Mr Huguelet explained.

Under some state laws, a probate asset may be sold within a certain time period after the estate administration is commenced. If an offer is accepted, sometimes it can be sold without the Court involved, or there may be a four to six-week period to enable an attorney to secure a court date and obtain a Court Order authorizing the sale. Again, it is best to consult a probate attorney to advise and assist you with this process in order to avoid unnecessary delays and potential additional costs to the Estate.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Michael T. Huguelet
Email: Send Email
Organization: Law Office of Michael T. Huguelet, PC
Address: 10723 W. 159th St. Orland Park, IL 60467
Phone: (708) 852-0733
Website: https://www.hugueletlaw.com

Release ID: 89083597

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