Tuesday, July 30, 2013

Free At Last

Jack has distributed the proper shares of his mother’s estate to everyone she named in her Will just as he told the court he planned to in his proposed distribution.  In exchange for their shares, the heirs each signed a Receipt acknowledging that they received their rightful share as shown in the proposed distribution. 

With those receipts in hand, Jack is ready to shed his responsibilities as the personal representative named under his mother’s Will.

Jack may file those Receipts in the probate court.  After showing they correspond with his proposed distribution, Jack can obtain an order from the judge closing the case and releasing Jack from the “individual bond” he posted at the start of the case. 

With that bond, Jack had pledged double the amount of the value of his mother’s estate to guarantee he would faithfully carry out the duties of being the estate’s representative. 

To plan your estate to minimize the job of a personal representative or even eliminate probate and its costs, call our office at (815) 436-1996 for an appointment to begin planning or to review your current estate plan.  ©2013 Gruber Law Office, Ltd.


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