Legal Question in Wills and Trusts in Illinois
My mother passed away November, 2017 and according to the lawyer who prepared both my dad's and mom's will, we can avoid probate if all ten siblings agree to sell the house. The will not be considered an estate asset. If, this is the case are the funds distributed according to the will immediately or is there a time limit before they can be released? Can the executor delay the distribution of the funds?
1 Answer from Attorneys
You should really direct the question to the attorney you are dealing with. The question is, what advantage is perceived to be gained if there is no probate? The fees for selling a house outside of probate require paying an insurance bond in lieu of probate. The closer in time the sale is to the date of death, the greater the insurance premium would be, perhaps leaving less for distribution to the beneficiaries than if a probate case were opened.
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