Types of Wills Around Cottage Hills & Rosewood Heights, IL

When it comes to estate planning in Cottage Hills & Rosewood Heights, IL, drafting a will is a fundamental step to ensure your assets are distributed according to your wishes after your passing. However, not all wills are created equal. In this blog post, we’ll delve into the different types of wills recognized in Illinois, helping you make informed decisions about your estate planning.

Simple Will

A simple will is the most common type of will used in estate planning. It outlines how your assets should be distributed among your heirs and beneficiaries. To create a simple will in Illinois, you must be of sound mind, and it must be signed by you in the presence of two witnesses. This type of will is suitable for those with uncomplicated estate matters.

Self-Proving Will

In Illinois, a self-proving will is a variant of the simple will. What sets it apart is that it includes an affidavit, which is a sworn statement signed by you and your witnesses before a notary public. This affidavit simplifies the probate process by making it easier to prove the validity of the will after your passing.

Living Will

A living will, also known as an advance healthcare directive, is a legal document that specifies your medical preferences in case you become unable to make decisions about your healthcare. While it’s not directly related to asset distribution, it’s a crucial part of comprehensive estate planning in Rosewood Heights & Cottage Hills, IL.

Pour-Over Will

A pour-over will is commonly utilized in combination with a revocable living trust. It ensures that any assets not placed into the trust during your lifetime are “poured over” into the trust upon your death. This allows for a seamless transfer of assets, avoiding probate court.

Joint Will

A joint will is a single will created by two people, usually spouses, outlining how their assets will be distributed after both of their deaths. While this type of will simplifies matters for the surviving spouse, it’s important to note that it cannot be changed after one spouse passes away.

Holographic Will

A holographic will is handwritten and signed by you without the need for witnesses in Illinois. While it can be a convenient option in urgent situations, it’s advisable to consult an attorney to ensure it meets all legal requirements to avoid potential complications.

Joint and Mutual Wills

Joint and mutual wills are created by two individuals who make reciprocal provisions for each other in the same document. While they can be efficient, they can also be complex and may have legal implications, so it’s essential to seek legal advice before proceeding.

If you have any more questions about specific wills around the Cottage Hills & Rosewood Heights, IL area, be sure to contact Diaz Law Offices today!