Q: What statuory notices do I need to send out as an administrator of an estate? And, what is a verified inventory?
A:
As a recently appointed administrator of an estate, you are required to provide 1) a notice to heirs and legatees of rights in independent administration (if it is indeed independent administration) 2) claims notice published in the newspaper 3) notice to known creditors mailed directly to them. This is the bare minimum, and some counties in Illinois might require their own specific forms. A verified inventory is an inventory of assets in the estate that you would attest to under oath as full and complete to the best of your knowledge.
It is imperative that you speak with a probate attorney if you do not have one as you are acting as a fiduciary to the heirs/legatees and if you make any mistakes in administering the estate you could be held personally liable and subject your personal assets to loss. A probate attorney's job will be to make sure you are following all of the legal requirements and not making any mistakes that would subject you to liability. This is worth every penny.
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