Legal Question in Wills and Trusts in Illinois

Re: Accounting for probate

I'm not clear on your questions. Ultimately you provide an accounting to the beneficiaries of the estate. If they approve, the court won't be involved. Only if there's a dispute will the court get into it.

If you have 300 shares of XYZ and distribute 300 shares of XYZ, it doesn't matter what their value is.

If assets were payable to a named beneficiary then the estate doesn't receive them and doesn't have to account for them. If any question is raised, you can show the beneficiary designations.

I hope I got your points.

Re: Accounting for probate

If your question relates to federal estate tax, *everything*, including non-probate assets are included at their date of death value (or alternate valuation if applicable). If the estate is from 2002 and under $675k, then no return is required.

The assets that had a designated beneficiary pass outside of the estate and outside of the estate EIN#. You shouldn;t need to account for these.

The assets that pass under the will should be accounted for as of date of death in an inventory and later at their current values in an accounting to the beneficiaries. If the inventory and accounting are done properly the reduction in estate value should not cause confusion.

You should have an attorney representing you in this matter. If you do not, then feel free to give me a call at (847) 991-2250.