Legal Question in Wills and Trusts in Illinois

I'm the executor of my deceased parents estate. Probate is over and all of their assets are in an estate acct. The only unresolved asset is their house,which is for sale. Can the assets in the estate acct. be distributed even though the house is not sold yet?


Asked on 1/06/17, 8:50 am

3 Answers from Attorneys

Virginia Prihoda Law Offices of Virginia Prihoda

There is a risk in making a full distribution from the estate account: what if there's another expense to pay before the sale on the house closes? You might consider making a preliminary distribution holding back an amount to cover unanticipated expenses and fees and make the final distribution after the sale of the house. Be sure to get receipts from any distributee.

If "probate is over" this would signify to me that the probate estate is closed--but how can that be if you don't have final receipts from all heirs or beneficiaries? If you're working with an attorney, this is the time to get clarification before sending out checks.

Read more
Answered on 1/06/17, 9:03 am
Steve Raminiak Law Offices of Steve Raminiak, P.C.

If there is an asset that is still in your parent's name, then Probate is NOT over. It seems as if your parent's house is still in his/her name, thus the Estate cannot be closed until that is addressed. Talk to your attorney about whether a partial distribution might be appropriate at this time.

Read more
Answered on 1/06/17, 12:57 pm
Henry Repay Law Offices of Henry Repay

There are inconsistencies in saying probate is over and discussing funds on hand and a home still to be sold. If you have an attorney, discuss these matters with your attorney. If you do not have an attorney, now would be a good time to retain one on behalf of the estate. You are running risks in making these decisions without solid counsel.

Read more
Answered on 1/07/17, 8:56 am


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Illinois