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Last Will and Testament Template - Illinois
An Illinois Last Will and Testament is a legal document written in order to set forth how an individual wishes their property to be distributed upon their death. It is also the document used for naming a guardian for any minor children or dependants the individual may have.
Certain Illinois-specific formalities must be followed when creating a Last Will or making changes to an existing one. If these are not observed one of two things can happen:
- When an individual dies without leaving a legal will their property and assets pass to their heirs according to the Illinois intestacy law.
- The estate may pass to the individual's beneficiaries under the terms of a prior will if it exists, can be located, and considered valid.
The Illinois Last Will is defined by 755 ILCS 5/1-2.18 and regulated by the 755 ILCS 5 (Probate Act of 1975) . Must be signed in the presence of at least two (2) witnesses in the presence of the Testator. Download a ready-made form below or make your own one with our online template.
What Is a Last Will and Testament in Illinois?
A Last Will and Testament is a legal document through which an individual is permitted - within the formalities prescribed by law - to control the distribution of their assets and estate. There are three parties to any will:
- A Testator - a person who dies leaving a will in force.
- An Executor - a person tasked with carrying out the Testator's wishes according to their will.
- A Beneficiary - a person, organization or community selected to receive the assets of the Testator.
How to Write a Will and Testament in Illinois?
Testators are free to decide on the contents of their will. In Illinois a Last Will and Testament template will cover the following topics:
- Executor. An executor is an elected lawyer or accountant tasked with carrying out the Testator's wishes concerning their estate. If the Testator decides to hire a professional Executor, they'll need to set aside funds for their payments.
- Assets. A Testator's assets may include anything from their real estate, pensions and bank accounts to vehicles, valuables, artwork and family heirlooms. Any of these assets can be left to a person or organization if specified in the will.
- Beneficiaries. The Testator's Last Will needs to contain information about the beneficiaries that will receive an inheritance after the Testator's death. Any individual or organization can be a beneficiary. Spouses, children, relatives, close friends or organizations such as your church or professional club can all receive the Testator's property and possessions if listed in their will.
- Debts. The appointed Executor will be in charge of settling the Testator's debt after their death. Any assets and property will go towards covering the cost of probate and funeral expenses, debts and mortgages before being split between the appointed beneficiaries.
Download Last Will and Testament Template - Illinois
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