At the hearing, the court will either appoint an executor or administrator to administer the estate, and admit the will or Probate. What Are the Duties of an Executor of a Will in Illinois? Illinois Probate FAQ 1. If formal probate is not required, the legal fee can be under $1,000.00. p. (630) 406-5440 REPRESENTATIVE FEES. Once the paperwork is filed, an initial hearing date will be scheduled. Paragraph (g) of Section 2-1301 of the Code of Civil Procedure, and all existing and future amendments and modifications of paragraph (g) do not apply to proceedings under Sections 20-3, 20-4 and 22-4 of this Act for the sale or mortgage of real estate or an interest therein. A second fee arrangement is a contingency fee arrangement. Most probate matters are straight forward without thousands of dollars for attorney’s fees. . They aren’t required to charge a fee, which may be the case if they are also an heir. Rates might vary from $10 an hour up to $50 an hour or more. Illinois Probate Estate Primer. This notion means that if executor fees were typically 1.5%, then 1.5% would be considered reasonable, and 3% may be unreasonable. That money will eventually be reimbursed from the estate so long as it is solvent. Illinois law provides for "reasonable" compensation for the work your executor must perform in administering your estate. If the heirs or creditors challenge the will or any other aspect of the probate, the executor will also have to file responses and appear at a court hearing, if required. What Monetary Percentage Does an Executor of a Will Get? Theoretically, cleaning out a house involves a different kind of skill and expertise than negotiating the sale of property and overseeing the transaction. Hourly fees Many probate attorneys charge hourly. The estate will be settled in chicago, Illinois. The information on this website is for general purposes only and should not be interpreted to indicate a certain result will occur in your specific legal situation. The reasonableness of the hourly rate will depend upon the relevant factors, including the education, experience, skill and expertise of the executor or administrator, the complexity of the issues that were handled and other factors. Any third party awards and recognitions described, listed or displayed on this site are not intended to be representations by the Drendel & Jansons Law Group or the attorneys in the firm, but are simply evidence of our acknowledgement and acceptance of those awards and recognitions for which we have been nominated by third parties based on whatever criteria they have used. This isn’t all legal fees, most representatives (administrator or executor) are entitled to an hourly fee, and there are also court costs, publishing fees and fees to other professionals (notably accountants). 755 ILCS § 5/9-1. It says only that the fee must be “reasonable” without providing any additional guidance. Specific information about the attorneys in the Drendel & Jansons Law Group can be obtained on the  individual attorney pages. C. Statutory Executor as defined by federal tax laws - … In Illinois, hourly fees for executors' work are customary. Act, except as otherwise provided in this Act. The estate administrator must pay the decedent’s income taxes as well as estate taxes. At the hearing, the court will either appoint an executor or administrator to administer the estate, and admit the will or Probate. Here is one common scenario: An attorney is hired to represent the executor of an estate in probate court. For some, it is a sliding scale, taking into account complexities and unique circumstances. If a proposal for a fee is presented to the beneficiaries of the estate together with any backup detail that was used in determining the fee, and if the beneficiaries are all agreeable, most courts will find the fee reasonable. I heard between 2% and 5% depending on the size of the estate. 6-3. As with many things in the law, the answer to the question is not simple or straight forward. Illinois courts have determined that charging fees based upon a percentage is … Executors must submit the amount of their requested fees to the probate court for approval. Illinois Compiled Statutes Table of Contents. In Illinois, we don’t have the luxury of using a percentage as a guideline. An estate accounting starts with the balance in the estate's operating account and itemized the withdrawals and deposits made into the operating account. Whether or not a formal probate proceeding is required depends on what assets the deceased person owned and how he or she held title to them. The Illinois Probate Act is very vague. Probate cases can be unpredictable because it's impossible to know every issue that might come up. Copyright 2020 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. As with attorney fees, the bar-mandated fee schedule used to provide that representatives were paid a percentage of the value of the estate, usually two to five percent, for acting as representative. B. FEES IN PROBATE – Part 3. Duty of executor to present will for probate.) 6-3) Sec. Specific information about the attorneys in the Drendel & Jansons Law Group can be obtained on the individual attorney pages. Therefore, executors are bound only to charge ordinary and reasonable fees, based on a variety of factors. For even the simplest of small estates, there are certain minimum things that must be done, no different than larger estates. The Law Offices of Jeffrey R. Gottlieb, LLC, represents independent and supervised executors and administrators for decedent’s probate estates in Cook County, Lake County, Kane County, DuPage County and McHenry County. See Illinois Compiled Statutes Chapter 755 §5-27-1 for rules concerning executors, and IL Rule 1.5(a) for the potentially relevant guidance concerning lawyers acting as executors. Section 27-1 of the Probate Act provides that “[a] representative is entitled to reasonable compensation for his services . If there is no will, the probate court will appoint an administrator to pay the outstanding debts and transfer the remaining assets to the legal heirs. Who Pays the Cost for the Attorney Fees & the Executor of Probate? On the upside, there is some assurance that the fees that are charged in probate estates are, at least, reasonable in light of the actual value of the work that is done. In Illinois, attorneys receive an hourly fee, not a percentage of the estate. This site is maintained for the Illinois General Assembly by the Legislative Information System, 705 Stratton Building, Springfield, Illinois 62706 217-782-3944 217-782-2050 (TTY) The Illinois State Bar Association (“ISBA”) has issued an advisory opinion that attorneys representing clients in probate cases cannot ethically collect fees in excess of the amount determined to be reasonable by the court. Some people may be very efficient, and some may be very inefficient, but time is probably the best measure of value, together with the degree of complexity and particular circumstances of the estate. The Illinois Probate Act is very vague. In that way, obtaining agreement from the beneficiaries of the estate is a good litmus test for reasonableness. May I still serve as executor? We do not do everything, but we have a large network of trusted professionals who we work with. executor fees. Typically, the probate court will find executor fees reasonable if it aligns with what people have received in the past as compensation in that area. An executor in Illinois handles the estate of a deceased person according to the instructions in a will. For this reason, its important for executors or administrators to keep track of time spent in the handling of the administration of a probate estate. The executor of an estate has a variety of duties to accomplish according to state laws on estates and probate proceedings. Typically, the probate court will find executor fees reasonable if it aligns with what people have received in the past as compensation in that area. However, it is acceptable to do so because the administrator’s fee is a higher … As the fees must be submitted to the probate court for approval, the beneficiaries have a right to object to those fees to the court. Yes! The Typical Fee for an Executor of Estate in Maryland. In Illinois, hourly fees for executors' work are customary. In other states, reasonable fees for probate work can run from 1 to 5 percent of the estate's value. Many states agree that the executor of a will is entitled to reasonable compensation for her services. If all parties agree on the fees, there is no litigation on the matter. You can also find us on Facebook, follow us on Twitter, and connect with us on LinkedIn or Pinterest and get regular updates when they are posted. Holding a bachelor's degree from Yale, Streissguth has published more than 100 works of history, biography, current affairs and geography for young readers. The handling of a probate administration can take nine months or more. For the most part, however, a single hourly rate is usually determined that is thought to be commensurate with the value of the work that is done. In Illinois, an executor must file the will with the probate court within 30 days of the death of the testator, the person who wrote the will. The executor must mail out notices and publish notice in the newspaper, file documentation with the court, secure, preserve and maintain the property of the estate, liquidate assets that need to be liquidated and prepare an inventory and an accounting of everything that the executor does. To learn more about executor fees, contact a Chicago executor fees lawyer at the Law Offices of Stephen Bilkis & Associates. Probate is the process of handling the estate of someone who has died. The court in the case In re Elias 5 held that unlike attorney fees, executor and administrator fees are limited to being paid from the assets of the estate. The requirement for verification means that the Executor or Administrator must sign the inventory before it is filed with the Court. According to the Illinois Probate Act, the petition must be filed with the court in the proper county and must state: 1. In Illinois, we don’t have the luxury of using a percentage as a guideline. Section 27-1 of the Probate Act provides that “[a] representative is entitled to reasonable compensation for his services . So where does that leave us? 2016 Illinois Compiled Statutes Chapter 755 - ESTATES 755 ILCS 5/ - Probate Act of 1975. In Illinois, we don’t have the luxury of using a percentage as a guideline. All rights reserved. The date and place of the decedent’s death; 3. Founder/president of the innovative reference publisher The Archive LLC, Tom Streissguth has been a self-employed business owner, independent bookseller and freelance author in the school/library market. © Drendel & Jansons Law Group 2018. What is a resonable fee for executor duties of an estate? Article I - General Provisions; Article II - Descent And Distribution Illinois Probate Act 755 ILCS 5/6-14: Power of Executor Before Issuance of Letters Even though a decedent may name someone in his (or her) will to serve as executor of his estate , the named individual does not have legal authority to act as executor until the Illinois Probate Court has formally appointed him and issued him letters testamentary. Again, there are no hard and fast rules of thumb. While actual calculations are more complex, examples include 5% of amounts received or paid out in cash for Texas estates, or 4% of gross value for CA estates worth <$100K. Pay taxes. Representative or Independent Representative - Illinois Probate Act of 1975, 755 ILCS § 5/1. Law Offices of Robert H. Glorch: You're Named Executor: Now What? 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