DuPage County Estate Administration and Trust Administration Attorneys
Itasca, Illinois Lawyers for Estate and Trust Administration
When a loved one dies, the process of administering the estate can be an arduous one. In addition to dealing with the emotional significance of the loss, executors and beneficiaries must also deal with numerous legal and logistical matters. At Knauf Law (previously Pankau Law), our skilled probate attorneys can help you with the estate administration or trust administration process. With over 30 years of combined legal experience, we have administered estates of all sizes and successfully worked with all types of financial assets.
Comprehensive Estate Administration Lawyers
Administering an estate can be a complex task in many cases and the executor has a fiduciary responsibility to the estate and its beneficiaries. The duties of an estate executor are many and may include:
- Probating the will with the local court;
- Notifying beneficiaries and heirs after the will has been probated;
- Publishing notice of probate to inform creditors;
- Notifying creditors directly and obtaining the estate’s outstanding debts;
- Gathering and inventorying estate assets;
- Having estate assets appraised, where necessary;
- Selling assets, such as real estate holdings, where necessary;
- Re-titling brokerage accounts in the name of the estate;
- Paying creditors of the estate;
- Determining guardianship, if necessary,
- Distributing the remaining assets of the estate;
- Get a taxpayer I.D. for the estate from the IRS;
- Filing final state and federal income tax returns; and
- Filing an estate accounting and closing the estate.
If you do not perform the duties of the executor properly, it could result in personal liability. Our attorneys can dramatically simplify the process for you. We can guide you through your legal duties and help you overcome any problems that may arise.
Trust Administration Attorneys
While trusts do not have to go through the probate process when the creator dies, the trust administrator, or trustee, still has a number of responsibilities to fulfill to ensure the provisions of the trust are satisfied. The legalities of a trust can be complex and the assistance of an experienced attorney is required. Our attorneys have the skill and experience to assist you with the drafting and filing of all necessary submissions. We also provide assistance with tax matters related to the trust.
If you have recently lost a loved one and have been named the executor or administrator of the estate or trust, contact us at 630-875-0500 to schedule a consultation and learn how we can assist you at this difficult time. We work with clients throughout the Chicago area, including Cook County, DuPage County, and Kane County.