Wills Attorney in Cook County & Lake County, Illinois

A will is one of the most important parts of estate planning. It gives peace of mind and ensures your wishes are honored after passing. A well-drafted will can prevent family disputes, safeguard assets, and offer clear directives for the distribution of an estate.  

Attorney Steven H. Peck can help you understand how to create a comprehensive will that reflects your circumstances and wishes. 

Key Elements of a Will 

A well-crafted has several elements: 

• Executor appointment: The individual responsible for managing the estate and ensuring that the terms of the will are carried out. 

• Beneficiaries: Those who will receive assets from the estate. 

• Guardianship: Provisions for the care of minor children, if applicable. 

• Specific bequests: Detailed instructions for the distribution of assets. 

• Residuary estate: Instructions for the distribution of remaining assets not specifically mentioned in the will. 

• Trust provisions: Establishment of trusts for beneficiaries, detailing how and when the assets will be distributed. 

• Funeral and burial instructions: Specific wishes regarding funeral arrangements, burial, or cremation. 

• Debts and liabilities: Directions on how to handle any outstanding debts and liabilities, ensuring they are paid before distributing assets. 

• Witnesses and signatures: Legal requirements for the validity of the will, including the signatures of the person creating the will and the witnesses. 

Benefits of Having a Will 

A will offers numerous benefits: 

• Control over asset distribution: A will lets you specify exactly how your assets should be distributed, preventing potential conflicts among heirs. 

• Guardianship of children: Parents can appoint a guardian for their minor children, ensuring they are cared for by a trusted individual. 

• Reduction of estate taxes: Proper planning can minimize the tax burden on the estate, preserving more wealth for beneficiaries. 

• Avoiding intestate succession: A will ensures that your estate is distributed according to your wishes, rather than default state laws that may not reflect your desires. 

• Charitable donations: A will allows you to allocate portions of your estate to charities or causes that are important to you, leaving a lasting legacy. 

• Protection of business interests: If you own a business, a will can provide directives for its continuation or sale, so that your business undergoes minimal disruption and that your business interests are protected even after your passing. 

• Peace of mind: Knowing that your affairs are in order gives comfort and relief to you and your loved ones. 

Myths About Wills

Here are some prevalent myths about wills: 

Myth 1. Wills are for the Wealthy 

Reality: Anyone with property, minor children, or specific wishes about their estate should have a will. Having a will is a prudent step to ensure your wishes are respected and to achieve peace of mind. 

Myth 2. Wills Are Permanent 

Reality: A will can be updated or revised as circumstances change, ensuring it remains relevant and accurate. You should review and update your will regularly, especially after significant life events such as marriage, divorce, or the birth of a child. 

Myth 3. Wills Only Govern Real Estate 

Reality: A will can include instructions for the distribution of all assets, including personal property, investments, and business interests. It can also address issues such as guardianship and funeral arrangements. 

Myth 4. Everything Goes to the Spouse 

Reality: Without a will, state laws determine the distribution of assets, which may not align with your wishes. For example, some states have laws that divide assets between the spouse and children or other relatives. A will gives you control over who receives your assets. 

Myth 5. I'm Too Young to Need a Will 

Reality: Accidents and unexpected events can happen to anyone. Adults of any age should have their wishes documented. You should have a will in place as soon as you start accumulating assets or if you have dependents. 

Myth 6. DIY Wills Are Just as Effective 

Reality: While do-it-yourself wills can be cost-effective, they often lack the comprehensiveness and legal precision of those drafted by an attorney and can be legally challenged or cause disputes. 

Myth 7. A Will Covers All Assets 

Reality: Not all assets are governed by a will. Items like joint accounts or life insurance policies with designated beneficiaries are not distributed through the will, so other legal arrangements may be necessary. 

Making a Will in Illinois

Understanding Illinois laws is essential to make a will legally binding and effective: 

• Legal age and capacity: To make a valid will in Illinois, the individual must be at least 18 years old and of sound mind. 

• Witness requirements: The will must be signed by the testator and witnessed by at least two individuals who are not beneficiaries. 

• Self-proving wills: Illinois allows wills to be "self-proving," meaning the court can accept the will without contacting the witnesses, streamlining the probate process. 

• Holographic wills: Illinois does not recognize handwritten (holographic) wills unless they comply with all standard will formalities, including being witnessed and signed. 

• Executor eligibility: In Illinois, the named executor in a will must be at least 18 years old, of sound mind, and cannot have been convicted of a felony. If an out-of-state executor is named, they may need a local agent. 

• Revocation of a will: In Illinois, a will can be revoked by the testator at any time via a written instrument, physical destruction, or by creating a new will that expressly revokes the prior one. 

How to Create a Will

Creating a will involves several important steps: 

• Inventory all assets, including real estate, investments, personal property, and business interests. 

• Decide who will receive assets and in what proportions. 

• Select a trustworthy individual to manage the estate. 

• Work with an estate plaanning attorney to draft a clear and legally sound document. 

• Ensure the will is signed and witnessed according to Illinois law. 

• Regularly review the will and make updates as necessary to reflect changes in circumstances or wishes. 

• Keep the original will in a safe place, such as a safe deposit box or with your attorney and inform your executor and loved ones about its location.