Legal Question in Wills and Trusts in Illinois
Wind-down process of an estate
I was appointed as ind. Admin. To my brother's estate. He had no will or trust. The estate is now winding down. There will be a final acctg done in two weeks. After that the accountant and the estate attorney will be paid. What is left in the estate account gets divided among all of the living heirs. My attorney states that whatever the distribution amount is, all of the heirs will have to sign a statement acknowledging and agreeing to the amount. Is this actually the process? Also, i have decided i want to get paid for handling this estate, who decides i get paid? The heirs or the judge? What is the actual process? My attorney is telling me that all my siblings will have to agree. I think all but one will. If that happens, will the judge have to step in to decide? What is the process?
2 Answers from Attorneys
Re: Wind-down process of an estate
The judge is the person to decide the "reasonableness" of the executor's fees.
Re: Wind-down process of an estate
Well lets take your questions one at a time. Your attorney has advised you correctly. Each person receiving an amount from the estate must acknowledge the amount he/she is receiving and also must acknowledge the fees being paid to the attorney and the administrator. This receipt is filed with the court when the estate is closed.
Now about you getting paid. You are entitled to a fee. You decide if you want a fee. Keep in mind the fee will be taxable to you as ordinary income. The Illinois Probate Act states that you are entitled to a reasonable fee. If some one objects to your fee the Judge will decide what is reasonable under the circumstances. As noted above the receipt that is signed by all heirs will acknowledge your fee. If they don't agree with the fee they will not sign the receipt. If they all sign the receipts then, unless the Judge thinks your fee is way out of line, the Judge will approve the closing of the estate and the payment of your fee.
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