Making a Will can be a very difficult task. Even though you may know how important it is to plan for what will happen to your property, dependents and remains when your last day comes; in many cases, people procrastinate this very important documentation.
Don’t worry, with proper preparation and knowledge, you can make a Will that will give you peace in knowing you are leaving your estate in good hands.
A Will is a legal document that handles the distribution of your assets when you die. To transfer the assets listed in your Will to those who you listed as your beneficiaries, a court of law must first validate the Will through a process called probate.
A Will allows you to designate an executor and (in Illinois) someone to watch over your minor children, called a guardian. The executor carries out the financial wishes that you stated in your Will. As you read through this article, it might be useful to know what some of the words mean.
Here are a few definitions to know:
If you happen to pass without a Will in Illinois, the court will name the personal representative of your estate who usually has the same duties as an executor who is named in a Will. The court will also decide how to distribute your probate assets in accordance with the state laws of intestacy and, who to appoint as a guardian if you left any children or dependents behind.
When a judge has to distribute your assets when you die, the court does not look into your family history or try to decipher who you would have wanted to receive your assets. The court will just divide your assets according to your will, if you have one, or among your closest living relatives, if you don’t have a will.
Without a Will, the future of your probate assets and living dependents lies in the court’s hands, which are tied to court statutes.
If you don’t make a Will before you die in Illinois, half of your estate will go to your spouse, and half is divided equally among your descendants.
If your spouse is no longer living, then the court will distribute your estate among your descendants. If you don’t have any descendants, then your entire estate will go to your spouse.
If you don’t have a spouse or any living descendants, then the court will divide your assets among other relatives starting with your parents and siblings.
If you don’t have any parents or siblings, Illinois intestacy laws on descent and distribution outline a laundry list of relatives to whom your estate will go, including relatives with whom you may have no relationship.
Creating a Will prevents a judge from deciding what happens to your probate assets.
To create a Will that is legal in Illinois, you must be at least 18 years old and be able to understand:
An Illinois Will has to be in writing, it must have your signature and the signatures of two credible witnesses.
State law doesn’t require Illinois Wills to be notarized. However, the only way to make sure that a shortened probate process and prevent your witnesses from possibly having to testify in court during probate is to make your Will “self-proving.” To do this, you and your witnesses must sign an affidavit in the presence of a notary.
The components of a Will look rather simple.
In most cases you must:
While completing these seven steps may sound simple, it can be complicated to do without having professional legal advice. You must make these decisions that will affect your loved ones long after you have passed.
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Edwardsville
217 South Main Street, Edwardsville, IL 62025
618.659.4499
East Alton
1 Terminal Dr. East Alton, IL 62024
618.258.4800
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636.332.5555
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