Answers to Estate Planning Questions
What exactly is a will?
A will is a legal document that controls what happens to your property after you die. To have a valid will in Illinois, you must be 18 years old, be of sound mind, it must be in writing and signed by the person making the will, and it must be witnessed in a certain way by at least two witnesses who are not beneficiaries.
What happens if I die without a will?
The only way to be sure your property is distributed the way you want it to be after you die, is to have a valid and properly executed will. If you do not have a will when you die (called 'intestate'), then your assets are distributed to your relatives according to state law - called the law of intestate succession. Click here to read the Illinois statute. Generally speaking, in Illinois the law says that if you are married and have children, your spouse gets half of your property and your children share the other half. If you have a spouse and no children, your spouse gets everything and if you have children but no spouse, your children inherit equal shares of your property. If you have no spouse or children, your property goes to your parents and your siblings in equal shares.
I wrote a letter that has instructions about what to do with my property when I die, isn't that good enough?
No, in Illinois a written list of instructions are not a will, even if you write it out by hand and sign it. Your assets will be distributed according to the laws of intestate succession, as described above.
If I have no will, who decides what happens to my minor children?
Making a decision about who would take care of your minor children in the event you and your spouse both die is one of the most important estate planning If both parents are deceased, the court will appoint a guardian for your minor children. This could be a relative or it could be someone else the court feels is better qualified to be the legal representative of your children.
A will is a legal document that controls what happens to your property after you die. To have a valid will in Illinois, you must be 18 years old, be of sound mind, it must be in writing and signed by the person making the will, and it must be witnessed in a certain way by at least two witnesses who are not beneficiaries.
What happens if I die without a will?
The only way to be sure your property is distributed the way you want it to be after you die, is to have a valid and properly executed will. If you do not have a will when you die (called 'intestate'), then your assets are distributed to your relatives according to state law - called the law of intestate succession. Click here to read the Illinois statute. Generally speaking, in Illinois the law says that if you are married and have children, your spouse gets half of your property and your children share the other half. If you have a spouse and no children, your spouse gets everything and if you have children but no spouse, your children inherit equal shares of your property. If you have no spouse or children, your property goes to your parents and your siblings in equal shares.
I wrote a letter that has instructions about what to do with my property when I die, isn't that good enough?
No, in Illinois a written list of instructions are not a will, even if you write it out by hand and sign it. Your assets will be distributed according to the laws of intestate succession, as described above.
If I have no will, who decides what happens to my minor children?
Making a decision about who would take care of your minor children in the event you and your spouse both die is one of the most important estate planning If both parents are deceased, the court will appoint a guardian for your minor children. This could be a relative or it could be someone else the court feels is better qualified to be the legal representative of your children.
