Making a will is important as it ensures that your wealth gets distributed among the family members after your death exactly as per your wishes. It prevents the prospect of the family members fighting over the wealth of the deceased.
Keep in mind that there are different types of wills. This may create a confusion when it comes to selecting a will.
There are Many Wills You Can Choose From in Illinois
Here we have made a list of the most common types of wills so that you can have an easier time deciding which is the best one for you. There is also a significant difference between a Will & Trust which you should discuss with a qualified estate attorney we can connect you with.
A statutory will is a simple and relatively straightforward wish that is ideal for small estates. The will contains the details of the assets and also names an executor who will carry on the will when the time comes.
While statutory wills are simple to execute, they are limited in use and are impractical for distributing large estates. Make sure that you consult an experienced local Illinois attorney to ensure that the will conforms to the state requirements.
Couple’s wills are prepared by the couples. There are different types of couple’s will. Three important types include the following.
- Joint Will — A joint will is a single will that is signed by the couples. Usually, the surviving partner inherits the assets. The will also mentions who will inherit the estate after the demise of the second partner. The surviving partner cannot make any changes in the joint will.
- Mirror Wills — Mirror wills are two different wills prepared for the couples. Both are reciprocal of each other leaving everything to the surviving partner. It also mentions the beneficiaries in case both the partners pass away. Unlike joint wills, the surviving partner can make changes in the mirror will anytime.
- Mutual Will — Mutual wills also consist of two separate yet identical wills like mirror wills. However, the difference is that the surviving partner can’t make any changes to the mutual will.
Trust wills are so named since they are based on trust. A trustee is appointed to look after the assets on behalf of the beneficiaries. Every trust has different provisions. Some may require the trust to protect the assets for the benefit of the loved ones. Others require the handling of disputes that arise due to probate and wills. They may also direct the trustee to protect the future of the beneficiaries through education, prevent premature inheritance of the assets, and loss of the assets due to bankruptcy or divorce.
A holographic will is a document that a person drafts, signs, dates without any witnesses. This type of will is not recognized in most states and is usually challenged in the probate court.
A living will specify the instructions about the medical treatment that must be administered in case the testator loses the ability to communicate. It can contain the instructions whether a person should be put on a feeding tube or on a respirator.
You should consult with an experienced Chicago attorney to know more about wills. Our network of estate attorneys provides qualified and reliable legal advice to the residents of Chicago, Illinois. Connect with a local, pre-selected attorney who focuses their practice on estate planning, Wills and probate today.