What You Need to Know When Drafting a Will or Trust in Illinois

 Posted on October 10, 2022 in Estate Planning

When planning for the future, there is no greater gift to grant a loved one than security and peace of mind. Questions like, “What will happen when I die?” or “Will my family be secure if something were to happen to me?” can be overwhelming but essential questions one must ask oneself. Building an estate plan that fits your and your family's needs is a critical step in ensuring that your family will be protected no matter what life throws at you. In addition, wills and trusts are excellent ways to grant yourself and your family the assurance that your family will be taken care of adequately in case of the unexpected. 

What is a Will, And What Does It Include? 

Essentially, a will is a legal document that serves as the foundation of an estate plan. This document organizes the allocation of a person's assets, property, and more after passing away. A will is customized to fit your family's financial and familial circumstances. While a lawyer is not required to make a will in Illinois, it is wise to hire a lawyer for the will-making process to ensure the document is legally binding and will hold up in a court of law against any legal challenges. 

Under Illinois law, every will must be in writing. However, when drafting a will, there are specific provisions that you may include. These include: 

• Naming the executor of the will - This person is to be responsible for the handling of your estate

• The division of your estate among your beneficiaries

• If you are the parent of minors, you may appoint them a guardian

• Provisions for the settling of any outstanding debts or other obligations

• Considerations for funeral and burial arrangements

What is a Trust, And What Does It Include? 

A trust is a form of estate planning that exercises the ability to pass on an asset or assets while you are still alive. A trust is distinguished from a will because a will can only be fulfilled upon your death. When making a trust, you must appoint someone, who is called a trustee, to manage the trust. There are many forms of trusts, including:

• Revocable living trusts

• Irrevocable trusts

• Special needs trusts

• Children's trusts

• Dynasty trusts

• Pet trusts 

Contact a DuPage County Estate Planning Attorney

Drafting a will or a trust is an important decision that requires careful deliberation between respective parties. Our Wheaton estate planning lawyers with A. Traub & Associates know how important these decisions are. Call our offices today at 630-426-0196 for a comprehensive and confidential consultation. 

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2104&ChapterID=60&SeqStart=5300000&SeqEnd=6800000