“Every person who has attained the age of 18 years and is of sound mind and memory has power to bequeath by will the real and personal estate which he has at the time of his death.” (755 ILCS 5/4 1)
A Will is a written document drafted by someone to show how their assets should be distributed when they die. It lets the world know where you want your “stuff” to go. Creating, a will, is important because it takes control away from the government. If you die without a Will (which is called Intestate) then the state’s laws of intestacy control the distribution of your estate’s assets. The state’s code has a formula that decides how things should be depending on various situations. For example, in Illinois, the first $10,000.00 of your estate goes to your living spouse, whatever is left is then divided between your spouse and your living children equally.
The state’s Intestacy formula attempts to be fair, but it cannot accommodate the personal situations, and relationships you have fostered throughout your life. If you want to leave specific sums of money to members outside your immediate family (i.e. nephews and nieces), charitable organizations, or in a trust set up for financially irresponsible children then you should consider drafting a will. Or if someone in your family already has enough money to take care of themselves, whereas another does not, a will can specify that a lopsided share go to the person whose need is greater. If you have changed your marital situation, or have children from a previous relationship you should consider drafting a will.
In order for a will to be valid it must be in writing. The person executing (signing) a will must be of sound mind at the time of the signing (this is referred to as Testamentary Capacity). Also, in Illinois, the Will must be witnessed by two disinterested persons while it is being signed. This means that people who are not named in the Will can be witnesses.
Peace of mind is also something a Will can accomplish. It is not always easy to decide how things should be handled after you die. You may worry about the well fare of your loved ones after your loss. Drafting a will can allay your fears by organizing and setting out how things will be taken care of. This greatly lifts the burden on the ones you leave behind who must then finalize your affairs. There is much uncertainty with death, but a Will can be created to make sure that some things are solidified.
© 2006 Prendergast & DelPrincipe
All writing on this website is provided for generic informational purposes and should not be construed as legal advice of any nature. An attorney or other appropriate professional should always be consulted before making decisions that may affect ones personal, legal, or financial status. |
