What does a will really do?

What happens if you die without a will? In Illinois, if you pass away without a will or trust, all of your property, your “estate,” will be divided according to state statute, which very well may NOT be the way you would choose. Additionally, if you die without a will, a court will decide who will act as the administrator of your estate, without your input as to your wishes. To be certain your property is distributed as you desire, you need a will specifying how you would like your property distributed upon your death. With a will you can name the person or entity that you wish to act as executor of your estate. You can also appoint a guardian for your minor children who will make important life decisions regarding their health, education and finances. Without a will, a court will decide who will make these decisions. Additionally, with a will you may waive bond for the executor of your estate. If you do not specifically state in your will that your executor’s personal bond should be waived the court will require the bond, using estate funds to purchase such. If you die without a will, your executor or administrator will be required to pay for a bond valued at one and a half times the value of your estate. While a will may satisfy your basic estate plan needs, a trust can address other concerns, such as the minimization of estate taxes and the avoidance of probate court. We can analyze your current situation and estate planning goals and help you determine if one or more trusts working in conjunction with a will, would best suit your estate plan needs. If you would like more information about this subject, or if you would like to meet with one of our estate planning attorneys to discuss the benefits of preparing a will or trust to suit your needs, call our office at (815) 923-2107.