Suing An Estate Executor Without Bond In Chicago
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If an executor does not do their job the right way, the beneficiaries of the Will can potentially sue for “breach of fiduciary duty”. In that instance, the executor can be held personally liable to all of the beneficiaries under the Will.
The Executor is responsible for many decisions throughout the Estate administration process and has a duty, and is liable, to ensure that they act in the best interests of the Estate; and not their own.
When an executor is permitted to serve "without bond," it means that the court has waived the requirement for the executor to obtain a bond. This typically occurs when the will specifically states that the executor should serve without bond or when all the beneficiaries agree to waive the bond requirement.
While each state is different, California generally requires your personal representative to be bonded. The only exceptions are when the testator's will expressly waives the requirement (and the court permits this to happen) or all the beneficiaries will agree in writing to waive the bond requirement.
If an executor in California commits misconduct while handling the estate of a deceased person, the heirs and beneficiaries may be able to get their rightful assets back by filing a lawsuit against the executor.
The state of Illinois does not set a specific time limit for settling an estate, but it does expect executors and probate courts to handle the process as efficiently and diligently as possible. Because of the variation in estates, the length of the process can vary from several months to several years.
If you've been named an executor, a couple basic rules of thumb are that you can't do anything that disregards the provisions in the will, and you can't act against the interests of any of the beneficiaries.
By waiting ten months, the executor has the chance to see whether anyone is going to raise an objection. There are six months from the date of the Grant of Probate in which to commence a claim under the Inheritance (Provision for Family and Dependants) Act 1975. Then a further four months in which to serve the claim.
While this is a general framework, the Illinois probate process can take six months to two years or even longer.
