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Showing posts with the label Inherited Property

Understanding the Probate Process in Illinois: What You Need to Know Before Selling a Property

  The probate process can be confusing and overwhelming, particularly when you inherit property that you need to sell. If you're navigating probate in Illinois, understanding how it works and the steps involved in selling property during probate is crucial. Whether you're an executor of the estate, an heir, or simply looking to liquidate property quickly, this guide will break down the key aspects of probate in Illinois and what you need to know before selling a property. What is Probate and Why Does it Matter in Illinois? Probate is the legal process of administering a deceased person's estate, which includes verifying their will, paying debts, and distributing assets. In Illinois, probate is handled by the circuit court in the county where the decedent lived. The probate process can be lengthy, sometimes taking a year or more, depending on the complexity of the estate. When someone passes away, their assets, including any real estate, must go through probate unless the pr...
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Sell Inherited Property (for Executors and Beneficiaries)

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Selling assets inherited from a deceased relative such as homes, securities, bank accounts and retirement accounts can be a huge financial loss. But selling an inherited property, such as a house, and turning it into cash can be a complicated and sometimes lengthy process. Trenton should be considered, as should the rules on how to handle claims of joint beneficiaries when there are multiple. When someone inherits an asset, such as a retirement account, certain rules may apply. A financial advisor can help you create an estate plan tailored to your family's needs and goals. PROBATE PROCEEDINGS DURING PROPERTY INHERITANCE   Inheritance of property from an estate is governed by a legal process. If there is a valid will that describes the wishes of the deceased, this can allow many legal processes to be avoided. If there is no will, the property usually goes to next of kin.  It regulates the administration of the assets left by the deceased and ensures that the wishes...
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