Last Week an Illinois relative died without a Will.What is Probate and how are Estate Taxes calculated?

Answer 1

Probate is the court-supervised process of settling the estate. Since the person died without a will, state law will determine how the estate is divided.

Estate taxes are based upon the net value of the estate after all bills are paid. If the estate is worth less than the extate tax exclusion amount then no tax is due. Most estates are worth less than the exclusion amount (currently $2 million) for Federal estate taxes so no tax is due. IL appears to follow the same exemption amount so no tax would be due there either.

Answer 2

There will be some court costs, but it has to be done. Get the appropriate papers and hire a good attorney to handle it. There probably will not be any estate tax. Everyone has an estate. It is the final process. Since there is property, that has to be valued and divided amongst the top heirs.

Answer 3

Probate simply pays off any debts or clames that the person had before he went to his reward. Taxes take everything thats left. Hopefully he was poor and didn't have anything that the Government would want.Maybe an old car or a Garage full of junk. Then you might inherit something. But Money, Property, or anything of value. FORGET IT. Send the next of kin a sympathy card then forget you ever knew him.
Just remember this next time a Democrat asks for your Vote.