Legal Question in Wills and Trusts in Illinois

An estate can include various kinds of assets and legal entities, including corporations, trusts, real property, etc. Thereby, an estate will be responsible for payment of taxes and administration of businesses and other trust assets. So long as the estate exists and is ultimately discharged by the probate court in a final accounting, the estate is responsible for administering all assets, payment of expenses and claims, payment of taxes, and distribution of residual property to estate beneficiaries.