There's a lot to know about Wills. You need to understand the difference between a Will and Living Will, how Wills should be executed, and how they can be modified, terminated, or challenged. You also need to understand the probate process and how that can affect the outcome of your estate planning goals.
Here, we provide general responses to some of the most common questions we receive from clients. To get more specific information and to either create or update a Will, contact our estate planning lawyer in IL. You can do so by filling out our online form or calling Katherine Maloney & Associates at 815-577-9763 to schedule a Free Consultation with our estate planning attorney.
Who Should Have a Will?
Many people assume that only the wealthy need to have a Will. However, the truth is that many people, with and without great wealth, need to have a Will in case the unexpected occurs.
People who should have a Will include but are not limited to:
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Those who are married
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Those who have children
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Those who have assets
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Those who own a home
When Should I Make a Will in IL?
A Will needs to be created and often updated when certain events occur:
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When you turn 18
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When you marry, divorce, or remarry
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When you have children
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When you start a business
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When you buy a home
Whenever you have a major life change, it is time to make or update your existing Will.
What Goes into a Will in IL?
A Will states who should inherit your assets when you die. If you have children, you can designate who you want to have custody of your children if you pass away. A Will also allows you to appoint an executor for your estate. This person will be in charge of administering your estate according to the terms of your Will when you die.
Can My Parents Leave Me Out of their Will?
The short answer is yes.
Can Someone Challenge My Will in IL after I Die?
There is always a possibility someone may challenge your Will after you pass away. Whether or not that challenge is successful is a different question. Some of the most common reasons Wills are challenged include:
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That the testator was under undue influence or lacked the capacity to make a Will
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That the Will is a fraud/forged
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That the Will lacks the formalities required to be valid, such as being signed and properly witnessed
Having a lawyer help with the process of creating your Will can help prevent successful challenges.
Can I Make a Will without a Lawyer in IL?
It is possible to create a Will without the assistance of a lawyer. However, Illinois has very specific requirements for a Will to be valid. If you create the Will on your own, and it does not meet the legal requirements for validity, it will not be admitted to probate and your wishes will not be satisfied.
How Much Does it Cost to Make a Will?
The cost of creating a will varies. It depends on your estate and whether you want additional estate planning tools, like a Trust, Powers of Attorney, or a Living Will. Many estate planning attorneys charge a fixed rate for estate planning while other attorneys may charge an hourly rate.
Contact an Estate Planning Lawyer in IL Today
Wills are often an integral part of any estate plan, and keep in mind: it really does not matter how much your estate is worth. What matters is protecting your interests and securing your heirs' futures.
Contact Katherine Maloney & Associates today online or at 815-577-9763 to schedule a Free Consultation.
Our estate planning attorney will guide you through the process.
