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…

  1. Choose who will inherit which of your assets (the beneficiaries of your estate)
  2. Choose the person (or people) to execute your final wishes (the executor of your estate) and waive the requirement for them to post bond
  3. 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.