Illinois Last Will and Testament
Last Will and Testament
A Last Will and Testament is a legally binding document establishing the distribution of your assets at your death. In the Will, you name your beneficiaries and their share of your estate. Wills are as descriptive and as detailed as you wish. If your total wealth, insurance, and retirement funds are less than the $100,000 probate limit, and you have minor children, you should consider a Will.
In addition to naming beneficiaries that receive your assets, a Last Will and Testament is a legal document that is signed before two impartial witnesses and a notary whose purpose includes, but is not limited to, the following:
- Nominating a Guardian for your minor children and your minor children’s estate, including life insurance and other beneficiary proceeds.
- Naming an Executor to handle the distribution of your assets and the administration of your estate.
- Provide for establishing a Testamentary Trust to be supervised by the probate court.
- Direct the payment of debts, taxes, and expenses after your death.
- Requires notice to known and unknown creditors by publication
However, even with a Last Will & Testament, the distribution of your assets can be subject to supervision by the Probate Court. Probate is a public proceeding that can take one to two years to complete.
See Living Trusts and discover how to help you avoid this lengthy and costly court system.
You can change your Last Will and Testament anytime if you are mentally competent.
Please click these links for detailed information regarding Power of Attorney, Living Trust, and Probate.
