Legal Question in Wills and Trusts in Illinois
Who gets paid first from an estate?
My mother passed away without a will and there are few assests and a lot of debts. The estate is now in probate. What is the order of payment of the entities owed money. I know lawyers get paid first, then the funeral costs. Who is next: IRS, executor/administator fees, secured debts, unsecured debts, outstanding medical bills, etc.)
2 Answers from Attorneys
Re: Who gets paid first from an estate?
See 755 ILCS 5/18-10. A priority system is set up. 1st is funeral and administration expenses. 2nd is spouse's and child's awards. 3rd is US debts. Then state and local debts. And then most everything else is 7th class and if the estate is insufficient then it is distributed pro rata among 7th class.
Re: Who gets paid first from an estate?
Costs resulting from administering the estate and burial expenses. The question is
'who gets paid first', not 'list the order of all possible claims' priority'