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Is opening probate required under IL probate laws for an estate with little money and a home
Chicago, IL
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Posted about 1 year ago in Probate
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Do you have to open a estate?:
My Mother died in March of 08. She had little money and owned her house, which is in need of repair. There is'nt any money left to pay the Lawyer much less replace the roof and pay utilities for the winter. Her Lawyer told the family that he would open a estate and payable upon selling of the house. We dont see the point in setting up a estate or spending money on the house because there is nothing to gain by doing so. Do we have to open a estate? and can we just walk away from it all and let the state take it? Thanks
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Answers (3)
C. Boyd Cote
This attorney is licensed in Florida and 2 other states.
Posted about 1 year ago.
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I am not a lawyer in your state, but in order to sell the house you must probate the Will. In my state it could take two years or more before the house is sold for taxes. In the mean while you are responsible for maintaining the property, and liable should some one be injured at the property. Many towns will fine you if you do not mow thwe lawn or shovel snow, and most property has some value, even in a depressed market. Your attorney's offer sounds reasonable. I suggest that you get a second opinion, and consider his/her offer.
C. Boyd Cote
This attorney is licensed in Florida and 2 other states.
Posted about 1 year ago.
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I am not a lawyer in your state, but in order to sell the house you must probate the Will. In my state it could take two years or more before the house is sold for taxes. In the mean while you are responsible for maintaining the property, and liable should some one be injured at the property. Many towns will fine you if you do not mow the lawn or shovel snow, and most property has some value, even in a depressed market. Your attorney's offer sounds reasonable. I suggest that you get a second opinion, and consider his/her offer.
Gregory James Hickel
This attorney is licensed in Illinois and 1 other state.
Posted about 1 year ago.
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If you have a buyer or think you can find a buyer, I would suggest selling the house. If the house is the only asset, you may be able to sell the property without a probate administration. Contact a local title company and ask about selling the house using a "Bond in Lieu of Probate". If you sell it, you get out of the potential liability and might even see some money on the transaction.
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