How long does it take to settle an estate? (Illinois)

[Zipper 2]

Does anyone know about how long it takes a trust company to settle an estate for someone that has a clearly defined will, no immediate family, no debt and no personal property, only investments. They passed in December 2015.

 

[OHRoadwarrior]

Why would anyone assume the trust company will settle the estate? If there are named beneficiaries, they should notify the trust companies, provide proof of death and collect. If there are unnamed accounts, someone needs to probate the estate and once they have court recognition, redeem the investments on behalf of the estate and distribute them according to the will. If no one does anything, eventually they will be converted to cash and default to the state in the deceased persons name assuming they are not reclassified due to inactivity to an account status having an exceptionally high management fee designed to wear down the account balances to nothing.

 

[Zipper 2]

The trust company has been assigned to handle closing the estate and executing the will.

 

[curb1]

Is there a trust associated with the will and the assets?

 

[Zipper 2]

The trust company handled all the financies for the last several years before the person passed and its in the will that the trust company is handling the estate.

 

[curb1]

But, was there an actual trust or just a will? The trust would be written document like a will. It is important to know to determine what might be available for a timeline. Trust assets can often be distributed much easier and faster than with a will.

 

[Zipper 2]

Thanks for the replies but I can't answer your question. All we know is that the trust company is handling everything, liquidating the assets and then acting as executor of the will.

 

[justalayman]

Thanks for the replies but I can't answer your question. All we know is that the trust company is handling everything, liquidating the assets and then acting as executor of the will.

so in other words you want an answer to a question even though you don't have any actual information regarding the situation, right?



sorry but it just is not possible.

 

[latigo]

The trust company handled all the financies for the last several years before the person passed and its in the will that the trust company is handling the estate.

Then the Registrar has appointed the trust company as the Personal Representative of the decedent's estate to administer the will and settle the estate..

How long? Creditors have six (6) months from the time the PR has published the required notice to creditors to present their claims. Consequently the estate cannot be closed until that period of time has expired.

Here it is four (4) months, but in Illinois six.

 

[justalayman]

Then the Registrar has appointed the trust company as the Personal Representative of the decedent's estate to administer the will and settle the estate..

How long? Creditors have six (6) months from the time the PR has published the required notice to creditors to present their claims. Consequently the estate cannot be closed AT LEAST until that period of time has expired.
.

of course that is only the time limit for them to assert their claims. There are myriad other activities that could extend the time needed to process the activities that could run into years.

 

[Zipper 2]

latigo / justalayman: Thanks guys for posting, that is exactly what I was looking for. I appreciate you taking the time to respond.