What is probate (“estate administration”)?
The traditional method of passing property in an estate is through the probate process. This is true whether the decedent had a Will, and therefore died “testate,” or had no Will, and therefore died “intestate.” In either case, a petition is filed with the probate court upon death, and a judicial probate proceeding is required to administer and settle the decedent’s estate. In Illinois, probate is required for all estates where the total value of “probate” assets owned by the decedent is in excess of $100,000 in value. The term “probate assets” refers to those assets individually owned (as opposed to ownership in joint tenancy with a right of survivorship), for which no beneficiary designation or other “pay upon death” designation has been made. The Executor must first file the Will. The Executor is appointed in the Will of the decedent. After filing the probate proceeding, the Executor (or Administrator) is officially “appointed” by the court, which issues “Letters of Office,” giving
