The will (also known as the Last Will and Testament) is what most often comes to mind when people think of “estate planning”. It serves three primary purposes. A will let’s you…
- Choose who will inherit which of your assets (the beneficiaries of your estate)
- Choose the person (or people) to execute your final wishes (the executor of your estate) and waive the requirement for them to post bond
- Name guardians for your children
While there are many advantages to revocable living trusts, every adult—married or single, old or young, rich or poor—should have a will.
And as your mother or father probably told you when you were younger: if you’re going to do something, do it right. Illinois law has very strict requirements for wills. Failure to follow these requirements would mean intestacy—dying without a will.
A will is sometimes used together with a revocable living trust. In those situations, the will acts as a safety net—”catching” property that is owned in your name and putting it into your revocable living trust at your death. This type of will is often called a pour-over will because the assets “pour” from the probate estate into the trust.
If you would like to learn more about getting a will, contact attorney Natalia Kabbe at Kabbe Law Group in Naperville, Illinois.
