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Illinois Wills

An Illinois will is a legally binding document that addresses how your assets will be distributed at your death and also names an executor who will assist with the administration of your Illinois estate. You can change the details of a will at any time as long as you are mentally competent. Many people believe that a will explains how you would like your assets distributed. This is true, but it can do more than that. A will can explain how you want your debts, taxes and expenses paid. It can nominate a guardian. More importantly, a will can also assign a testamentary trust. This is a trust that will be established for family members after assets go through probate.

What is probate?

Probate is the court process for transferring property of the decedent (the person who died and left the will) to the decedent’s heirs or to whoever the decedent indicated. In plain English, probate is how you legally transfer assets after a death if there is no trust in place.

Does having a will avoid the court process?

It depends on what type of assets you have and how much you have. Assets, such as real estate, will be required to go through probate in order for the actual distribution of those assets to occur. Logistically, when a will goes through probate, it legally removes the deceased’s name from the title of an asset and replaces it with the new owner’s name.

However, if you have life insurance and named your child (or anyone for that matter) as the beneficiary, that beneficiary will get the proceeds without going through the court process. That is an example of a non-probate asset.

Still, it is important to have a will so that your intentions and wishes are carried out, regardless of what type and amount of assets you have.

What is a testamentary trust?

This is a trust that will be established for family members after assets go through probate. Setting up a trust allows the decedent to decide under what conditions the property will be distributed – for example, when minors are able to handle the money responsibly.

Can I change my will?

You can change the details of a will at any time as long as you are mentally competent.

Why do I need an attorney?

The area of law covering wills, trusts and estates can be complicated. This is due, in part, to the number of things you can do with a will and trust. You should explore these options with an experienced estate attorney so that your true intentions are clear and followed according to your specifications.

What will my potential attorney need from me?

It is important to keep organized records of all bank account statements, retirement accounts, real estate deeds and any other information reflecting – in simple terms – what you have and what you owe. It is also important that you are clear about what you want to have happen with your assets. Who do you want to get what? Write it down before you meet with a potential attorney so that there is no confusion. Also, who do you trust to be the executor of your estate? What if that person is no longer living when the time comes to probate your will? Who else would you assign to be executor? Also, make a list of any questions you may have before meeting with the attorney so that you can have the most productive meeting possible?

If you have any questions about Illinois wills or would like a referral to an experienced Illinois wills lawyer please do not hesitate to contact us. All inquiries are free and confidential.