Although there are no legislative requirements for creating a last will and testament in Illinois, it is better if you do. If you don’t have a will, you allow the state to dispose of your assets according to the intestacy laws. The latter stand for the property distribution laws, applicable if a person passes away without drawing up a will.
It implies that your last wishes won’t be fulfilled because they weren’t mentioned in a written form. Thus, when the intestacy law comes into force, your successors won’t get a share of your wealth as you would have desired.
Yet, with the use of the last will, your directives, no matter how “standard” or “normal” they are, will be followed. In brief, such a legal document lets you do the next:
- Protect your offspring.
- Protect your pets.
- Expedite the process of registration of inheritance.
- Ensure business continuity and asset protection.
Before you can proceed to use a free printable template for a will in Illinois on our site or create a highly customized last will resorting to our step-by-step builder, let’s take a closer look at the advantages of having a will.
Protection of Your Descendants
It may happen that, at the time of your demise, you leave behind minor children. In this case, the guardian specified in your will (once they assume the functions of guardian) will look after your descendants and help manage their share of your legacy until the achievement of legal age. A last will and testament will help you establish a trust under will to protect the future of your children or grandchildren.
When you have grown kids at the time of your passing, it is also possible to allocate them as your heritage stakeholders. If you leave behind several children, you need to divide their inheritance accordingly, splitting it into equal proportions.
It is also crucial to split your wealth appropriately between your offspring and your surviving wife or husband.
Provision of Care for Your Household Animals
The testator who has pets they wish to be taken care of after their demise may set up a pet trust. The trust ceases to exist when the named animal dies if no other animals are covered by this pet trust, of course.
The Acceleration of the Process of Inheritance Registration
At the availability of a valid Illinois last will and testament, the estate division procedure at the Probate Court (or P.C.) takes less time. It represents a court-supervised process organized to supervise the distribution of the deceased person’s assets under the instructions designated in the will.
The P.C. expects the executor of the will to submit it with the court clerk in the relevant district so that the court could issue official service letters that recognize the executor. As soon as it happens, the executor receives the right to share the heritage between heirs and beneficiaries.
Protection of Assets and Business Succession
In other situations, the estate-leaver can use a last will to write a business inheritance plan, especially if they want the business to go to their blood relatives. It is also allowed to establish a trust, which would later secure the rights of the legatees.
