How Are Real Property and Personal Assets Identified, Inventoried, and Distributed Under Intestacy Law in Illinois? | Illinois Probate | FastCounsel
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How Are Real Property and Personal Assets Identified, Inventoried, and Distributed Under Intestacy Law in Illinois?

Detailed Answer

Disclaimer: This article provides general education on Illinois intestacy law. It does not constitute legal advice. Consult a licensed Illinois attorney for guidance on your specific situation.

1. Overview of Intestate Succession in Illinois

When someone dies without a valid will in Illinois, the Probate Act of 1975 governs how their assets pass to heirs. The personal representative (formerly called executor) manages the estate. They must identify, inventory, and distribute both real property (land and buildings) and personal property (bank accounts, vehicles, furniture, investments) according to 755 ILCS 5/2-1.

2. Identifying Assets

The personal representative locates all estate assets, which typically include:

  • Real property (shown by deeds and county land records)
  • Bank and investment accounts (via statements and institution records)
  • Retirement plans and life insurance (via beneficiary designations)
  • Personal effects, vehicles, and collectibles

The representative contacts banks, title companies, and other custodians. They also search public records and secure the decedent’s home to protect valuables.

3. Inventory Requirements

Within 60 days of appointment, the personal representative must file a detailed inventory with the probate court, listing each asset and its fair market value. Illinois law requires this under 755 ILCS 5/3-3. You can review the statute here: https://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=075500050K3-3.

4. Distributing Real and Personal Property

Once creditors’ claims and taxes are paid, the representative distributes the remaining estate under 755 ILCS 5/2-1, which sets intestate shares:

  • Surviving spouse with no descendants or with all descendants also descendants of the spouse: Spouse inherits the entire estate.
  • Surviving spouse with one or more descendants not of the spouse: Spouse receives the first $100,000 plus one-half of the remaining estate. The other half passes to the decedent’s descendants by representation.
  • No surviving spouse but descendants exist: The entire estate passes to descendants by representation.
  • No spouse or descendants: The estate passes to parents, then to siblings, then to more remote relatives under Illinois’s per stirpes system.

Read the full intestacy statute here: https://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=075500050K2-1.

5. Hypothetical Example

Jane dies intestate, leaving a spouse and two adult children from a prior marriage. Her total estate value is $300,000. Under 755 ILCS 5/2-1:

  • The spouse takes $100,000 plus one-half of the remaining $200,000 (i.e., $100,000). Total to spouse: $200,000.
  • The two children split the other $100,000 equally, each receiving $50,000.

Helpful Hints

  • Start the probate process promptly to meet inventory deadlines.
  • Gather deeds, account statements, and beneficiary forms early.
  • Obtain a professional appraisal for real estate to ensure accurate values.
  • Keep detailed records of distributions to heirs and receipts for estate expenses.
  • Seek legal counsel if heirs disagree or if the estate holds complex assets.

The information on this site is for general informational purposes only, may be outdated, and is not legal advice; do not rely on it without consulting your own attorney.