Legal Question in Wills and Trusts in Illinois

Re: Executor Powers, Reimbursement

The executor has the power to collect the assets of the deceased (both money and other assets like cars or amounts due from others) from whoever has possession of those assets. These assets are generally then liquidated, or converted to cash, by means of selling non-cash assets to others, unless specific assets are bequethed to another. The executor must pay the just debts of the deceased from the assets of the deceased. Then the executor distributes the assets fo the deceased, which are generally now cash, to the persons named int he will in the proportions specified in the will. Depending on the circumstances, the executor conducts these activities under the supervision of the court. The executor must perform the job properly, or may be subject to sanctions by the court. The executor is generally paid a fee for these services, and has the right to hire a lawyer, whose fees are to be paid out of the deceased's assets, to represent the executor.