Probate Lawyer Bloomington IL – Law Firm of Koth Gregory & Nieminski – 420 North Main Street – Call 309-828-5090
Probate Lawyer Bloomington IL
A legal process, probate ensures that the taxes and debts of a deceased person are paid. Here in the state of Illinois, a lawyer is necessary for the probate process unless the value of the deceased’s estate is under $100,000 and doesn’t include real estate. The executor ensures payment of remaining bills are made during probate. To do so, the executor might need to sell off assets in order to cover debts, costs and taxes. Additionally, the executor documents the estate as tax-paying entity with the Internal Revenue Service and oversees payment of taxes.
Probate law are complex for anyone who isn’t familiar with the rules and the courts. Even if the estate’s value doesn’t require it, probate can still save time and costs in the long term.
Call 309-828-5090 to speak with a Probate Lawyer Bloomington IL.
Instances when it’s in your interest to a probate lawyer include:
-The estate has debts. When someone passes away and the assets they leave behind are not enough pay the taxes and debt, there’s a good chance that creditors will sue the estate. An experienced probate lawyer can recommend the best options for settling the debts.
-Disagreements over inheritances. It’s not uncommon for family members to have disputes over a will. Probate lawyers help resolve conflicts between heirs.
-Business is involved. In the event a family-owned business sells to another party or divides among heirs, a Probate Lawyer Bloomington IL can ensure that the property transfers legally and payments and contracts are honored.
-Time is an issue. It can take some time to settle an estate. If it must be accomplished quickly because family members need to be cared for or creditors are demanding payments, the expertise of a probate lawyer can help the process move forward.