Question: Why do I need a Will?

If you do not presently have a will, you are not alone. Almost two-thirds of all people who die in Illinois die "testate", meaning they passed on without leaving a will directing the disposition of their estate. What happens to a person's property when they do not have a will? First of all, property held in joint tenancy with rights of survivorship or having an attached beneficiary clause (like many investments do) will pass automatically to the named survivor or beneficiary outside the estate of the deceased person. The remaining property owned by the deceased person will become the estate of that person, and the laws of the State of Illinois Probate Act will determine who the heirs of the estate will be. So, the question remains, "Do I really need a will?" The answer is "It depends on your situation". Some people desperately need a will, and for some people, the execution of a will changes the disposition of their estate very little. However, most people will receive at least some benefit from having a will.

Advantages of a Will:

1. You decide how your property will be distributed.
2. Your property can be divided among your heirs and legatees exactly in the manner you desire.
3. You choose the executor of your estate to manage the disposition of your property.
4. You can name a guardian of your choice for your minor children.
5. You can structure your estate to pay a minimum of estate and inheritance taxes.
6. A will is a very flexible legal instrument which can meet almost all of your needs and desires for the disposition of your property.
7. Legal costs of settling an estate can be decreased greatly because of a will.
8. A simple will drawn up by an experienced attorney is relatively inexpensive.

The existence of a will does not automatically mean that your estate will have to be probated. The State of Illinois only requires that a will be filed with the clerk of the court. If the estate of a person (remember-joint tenancy and beneficiary clauses are not included) is less than $50,000.00, the estate usually does not go through the probate process.

By all means, have an experienced lawyer draw up your will. Many books, kits, and computer programs today offer "do-it yourself" will kits, but you will have no way to verify if the will is executed properly or if it meets your needs and accomplishes your goals. Unfortunately, by the time most "do-it-yourself" wills are found to be insufficient, it is too late because the writer of the will is deceased (at least they don't have to deal with the consequences). Please feel free to contact me if you have any questions regarding wills or other estate planning.

Other Questions and Answers:
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Why do I need an attorney to represent me in a residential real estate transaction?

(Note: Answers to "Questions of Laws" are designed to provide general information about the law or procedure in the State of Illinois, and not as legal advice for a specific legal issue. If you have a legal problem or specific question, you should consult an attorney.)