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What is included in an Illinois estate?

What is Included in An Estate? Bank accounts. Life insurance policies. Investments such as stocks, bonds, CDs. Retirement accounts. Real estate. Interests in family-owned businesses. Interests in other businesses. Personal property (vehicles, antiques, jewelry, art)

Do all estates have to go through probate in Illinois?

Every estate does not have to go through probate. Probate is the legal process to make sure that a deceased persons debts and taxes are paid. In Illinois, a lawyer is required for probate unless the estate is valued at or less than $100,000 and does not have real estate.

How much does an estate have to be worth to go to probate in Illinois?

Generally, a formal probate court proceeding is necessary in Illinois only if: there are assets that the deceased person owned solely (not jointly), and. all of the probate assets, together, are worth more than $100,000.

Who Must File probate in Illinois?

Any estate with probate assets exceeding $100,000.00 must go through the formal probate process. Additionally, Probate is typically required in Illinois when the probate assets contain real estate.

What is next of kin order in Illinois?

Who qualifies as a decedents next of kin under Illinois law depends on the persons that survive the testators death, and generally include: Surviving Spouse. Children. Parents.The Illinois Probate Act Sets Forth the Next of Kin of a Deceased Party. SurvivorsInheriting Next of KinChildren, no spouseChildren5 more rows Jun 10, 2020

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