Legal Question in Wills and Trusts in Illinois
under Illinois law is an administrator required to give benefeciaries a financial accounting of an estate before and after death?? also of joint tenancy accounts (dates of record) and money movement from cd's and annuity's into joint tenancy accounts?? looking to see if these things were done legally. Can this be obtained without legal counsel? we need to know dates about cd's and anuuity when these were transferred if so. there has been no communication with administrator 4 months before and after death. and no will !!!!
2 Answers from Attorneys
before the estate is closed, an accounting has to be provided to the heirs.
The administrator is required to give an accounting of the assets and the earnings and distributions into/out of the estate. If any financial accounts transfer upon death by a mechanism other than the intestate probate proceeding (such as through a beneficiary designations) then those assets are not part of the estate under administration and will generally not be accounted for by the administrator. The administrator in independent administration is required to furnish an inventory and account to the heirs, but the administrator is under no obligation to consult with the heirs. Administration of an estate is a lot of work, correctly configuring the account can be a very time consuming process, under most circumstances one would not expect any reports to be furnished until the first year of administration is complete.
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