Legal Question in Wills and Trusts in Illinois
Hello,
My grandfather passed away with no will. My Aunt, father and her brothers are heirs to his estate, however, my father and his brother are deceased, so from what I understand, me and my brothers receive 1/3 of the proceeds. My aunt hired an attorney and I guess she is the appointed executor of the estate. All of his assets were listed on the letter I received from my aunt's attorney. However, my grandfather had a bank account in which he was the only one listed on the account. Are we entitled to a portion of the bank account or does my aunt get it all since she is now the executor of the estate? I did speak with her attorney when I first received that letter and he said that my grandfather had a bank account that was enough to bury him, but I know there was a substantial bank account.
2 Answers from Attorneys
All of the assets in the estate (in his sole name) pass through the estate to the heirs, after payment of expenses and fees. If you think assets are missing from the estate's inventory, then raise that with the executor/attorney, and if that doesn't satisfy you, then hire an attorney to bring it to the attention of the probate court.
There will be court fees, attorneys fees, and Administrator's fees. Then, any remaining funds along with other estate assets will be divided according to Illinois law. You are entitled to an accounting and will be required to sign a receipt when you receive your share, and you will know if you want to object to the distributions coming out of the estate. Settling a decedent's final affairs is a lot of time more time consuming and expense ridden than may be immediately apparent. Furthermore, if you have actual proof of the existence of the large account you believe may not have been included in the accounting, you should bring this information forward to your aunt and the attorney for the estate. Remember, any account that has a beneficiary designation does not become part of the estate, it's distributed to the named beneficiary.