Leading Estate Planning Attorney Michael T. Huguelet Reveals How To Handle Real Estate During Probate - Orland Park, IL
Oct 29, 2022
Top Asset Protection attorney Michael T. Huguelet founder of the Orland Park Law Office of Michael T. Huguelet, P.C highlights real estate tips to ease the burden of probate court. For more information please visit https://www.hugueletlaw.com
Orland Park, Illinois, United States - October 29, 2022 —
Probate can be one of the most challenging issues to manage, as it combines property, money and family. Estate Planning and Elder Law attorney Michael T. Huguelet offers a way through the process.
For more information please visit https://www.hugueletlaw.com
The Orland Park, IL attorney said probate is a process by which beneficiaries legally inherit assets through either a Will, or through intestate succession as an heir (no Will) from a deceased relative.
The decedent usually lists an executor to carry out their instructions as outlined in their Will. In the event the decedent dies without a Will, a family member or other interested party may be assigned as the Administrator of the Estate.
‘’If there is property requiring a probate administration, and it doesn't have to be sold to pay administration expenses, you will have to complete the probate process before obtaining the property title. Then, you can seek accurate current market value and marketing advice from a realtor before listing it.’’
The founder of the Law Office of Michael T. Huguelet, P.C., said a starting point for an executor is to contact a probate lawyer to understand the process as it may require filing court-related documents, collecting life insurance policies and handling tax-related matters.
The process is kicked off with a petition filed with the Court where the deceased resided. Mr.Huguelet advised to check state laws to know where you stand if you live out of the state or county of the decedent’s residence.
‘’Inform beneficiaries listed in the Will upon petitioning for probate and the court date, as required by statute. Legitimate and identified creditors, such as credit card companies, must also be informed after the Estate is opened.’’
Mr Huguelet said: "The next step is to put together an estate inventory. This includes locating all estate planning documents, the person's assets, such as bank statements, life insurance policies, property deeds, and any debts that could stand against the estate's value."
Once done, the Executor can settle any legitimate debts or personal loans with money from the Estate and file any required income tax returns, including paying any state and/or Federal Estate taxes. He said: "When outstanding bills and creditors have been paid, all administration expenses are paid and any applicable taxes paid, you can transfer the Estate assets to the beneficiaries of the Estate."
Real estate can be a minor thorn in an Executor's bid to complete the probate process, particularly if someone who died has left no Will. In any event, you should check applicable state laws and consult a probate attorney when selling a probate asset with or without court involvement, Mr Huguelet explained.
Under some state laws, a probate asset may be sold within a certain time period after the estate administration is commenced. If an offer is accepted, sometimes it can be sold without the Court involved, or there may be a four to six-week period to enable an attorney to secure a court date and obtain a Court Order authorizing the sale. Again, it is best to consult a probate attorney to advise and assist you with this process in order to avoid unnecessary delays and potential additional costs to the Estate.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Michael T. Huguelet
Email: Send Email
Organization: Law Office of Michael T. Huguelet, PC
Address: 10723 W. 159th St. Orland Park, IL 60467
Phone: (708) 852-0733
Website: https://www.hugueletlaw.com
Release ID: 89083597
If you detect any issues, problems, or errors in this press release content, kindly contact [email protected] to notify us. We will respond and rectify the situation in the next 8 hours.
More News
When Will the Fed Move on Rates?
Kevin Warsh, the central bank’s chairman, suggested he wouldn’t push to raise borrowing rates this month. But persistent inflation may force the Fed’s hand.
Banks expect to be hit with higher taxes in Budget
Senior banking executives have told the BBC they expect to be "on the menu" in the chancellor's Budget tax later this month.
Foreign diplomats explore Ningxia's specialty industries
Foreign diplomats explore Ningxia's specialty industries
BizDataDive: China steps up talent training and skills development
China has prioritized talent training and workforce skill development in recent years, achieving both impressive quantity and a high degree of quality in personnel trained.
Feel Like You’re Overpaying for Hotels? Blame Expedia, a New Lawsuit Says.
The booking giant is accused of breaking federal antitrust laws and forcing millions of customers to overspend on stays by as much as 30 percent.
Tesla Debuts 2026 Roadster ‘Flying’ Electric Sports Car
Elon Musk’s company and other automakers, like Jaguar and Bentley, are trying to sell very expensive electric cars to people who usually prefer gasoline-fueled luxury and performance.
Trump Hasn’t Lowered Drug Prices for These Voters
President Trump has been promoting his efforts to reduce drug prices, but many Americans have not seen relief from rising costs for prescriptions and insurance premiums.
Tim Cook: I'm awestruck by China's dynamism, vibrancy & optimism
Tim Cook was bursting with appreciation for China during his recent visit. Apple's executive chairman spoke in glowing terms about China's dynamism and vibrancy, reserving special praise for its AI ecosystem and how much optimism for the future it was inspiring.
Dubai Chambers Chairman upbeat on China-Dubai trade ties
Dubai is optimistic about the future of trade with China, said Sultan bin Saeed Al Mansoori, chairman of Dubai Chambers, in an interview with CGTN.
Fuel costs squeezing margins for some businesses
Diesel recently topped £2 per litre and there is concern that a duty freeze will not go far enough.
'TV and cheap booze' blamed for landlord quitting
Lincolnshire has lost 27% of its pubs and bars since 2009 and some are calling on the government to act against cheap supermarket booze.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.