Wills: What Illinois Residents Need to Know

 Posted on April 27,2012 in Estate Planning

Nearly everyone - even those with few assets - should have a will. Although their primary function is designating a decedent's beneficiaries (who they want their property to go to following their death,) wills can also include other important information.

If you're preparing to have your will drafted, or updated, you should decide the following information before meeting with your DuPage County estate planning attorney:

•  Who will receive your assets following your death? (including real estate, automobiles, money, and other personal possessions.) You should have the full names, addresses, and phone numbers of your beneficiaries.
• If any of your beneficiaries are minors when you die, at what age will they receive their inheritance?
• Should you have minor children when you pass away, who will be named their guardian?
• Who will be named the executor of your will? (this person will be responsible for ensuring that your assets are distributed according to your wishes)
• Do you desire any portion of your estate to be donated to a charitable cause?

At your meeting, your estate planning lawyer will go over your answers to these questions. He or she may also explain any steps that can be taken to minimize your estate taxes, and may suggest other estate planning documents, such as a trust or Power of Attorney (POA), that you may not already have done.

Although there are "do-it-yourself" kits for Illinois wills, having your will drafted by an experienced DuPage County Illinois wills & trusts attorney ensures that no mistakes will be made and that your will be able to be honored as it was written.