Legal Question in Wills and Trusts in Illinois
can money be given to heirs before estate is finalized since there is a 6 month waiting period in Il for creditors to come forward?
Asked on 10/24/14, 4:04 am
2 Answers from Attorneys
Virginia Prihoda
Law Offices of Virginia Prihoda
It's possible, but in most cases not prudent: If there is enough money in the estate to cover all creditor claims, a partial distribution can be made before the estate is settled, but it's not usually done because of the uncertainty as to who the creditors are. A surviving spouse and dependent children (through their parent or guardian) can be awarded a statutory distribution when the executor or administrator is appointed. Check with your attorney for the specifics.
Answered on 10/24/14, 6:25 am
Henry Repay
Law Offices of Henry Repay
Very well answered by Attorney Prihoda.
Answered on 10/24/14, 6:27 am