Last Will and Testament

The will is perhaps the oldest estate planning tool stil in use today. Even the ancient Greeks and Romans had rules for using a will to distribute a person's estate. A will serves the same purpose today, but you have many more options than the citizens of ancient Rome.

Wills Are Flexible...

A will can be simple. You can buy a basic form at an office store or download one from the internet. Fill it out and sign it (making sure you follow the Illinois signing and witness requirements) and you're done!

A will can also be much more complex. An attorney can draft a will for you that includes a sophisticated trust for the benefit of your heirs or for charitable giving.

...But They Have Drawbacks

The axiom that everyone should have a will still holds true. But many people are finding that a revocable living trust has considerable advantages over a will. Some of these advantages come from the way a will is handled when a person passes away – a process called probate.

Probate takes place in court and has a detailed set of rules and procedures that must be followed. The result is that probate is often expensive and time-consuming. But – and this is the part that is most troubling to many of our clients – probate is also very public.

Do an internet search for "Michael Jackson's Will" and you will see just how little privacy there is during probate. Unless you want the publicity and court supervision that comes with probate, you will probably be more happy with a living trust.

What If You Don't Have a Will?

Someone has to be given your money and property when you pass away. And if you don't have a will or trust, your property will be distributed according to the Illinois Probate Act of 1975.

You're welcome to read it and decide whether you're happy with it. But wouldn't you rather just put together a plan of your own, instead of relying on the plan for everyone?

We Can Design a Plan That Suits You

To find out how we can help you build an estate plan that suits your life, call (888) 909-1414 or contact us online to schedule a no-fee Discovery Session.