Pour Over Will Illinois

What is pour over will illinois?

A pour over will in Illinois is a legal document that allows you to direct where your assets will go after your death. It is called a 'pour over' will because it works in conjunction with a trust. The pour over will ensures that any assets not explicitly included in the trust will be 'poured over' into the trust upon your death. This helps streamline the distribution of your assets and ensures that your wishes are carried out.

What are the types of pour over will illinois?

In Illinois, there are two main types of pour over wills: simple pour over wills and complex pour over wills. A simple pour over will is typically used when you have a straightforward estate plan and want all your assets to be transferred to your trust. A complex pour over will, on the other hand, is used when you have more complex estate planning needs, such as multiple trusts or specific instructions for certain assets.

Simple pour over will
Complex pour over will

How to complete pour over will illinois

Completing a pour over will in Illinois involves the following steps:

01
Determine your assets: Make a list of all your assets, including bank accounts, real estate, investments, and personal belongings.
02
Create a trust: If you don't already have a trust, create one that aligns with your estate planning goals.
03
Identify beneficiaries: Determine who you want to inherit your assets through the trust.
04
Draft the pour over will: Consult with an attorney to draft the pour over will, ensuring it is in compliance with Illinois state laws.
05
Sign and execute the will: Once the will is drafted, sign it in the presence of witnesses and have it notarized.
06
Keep the will and trust documents safe: Store the original pour over will and trust documents in a secure location, such as a safe deposit box.
07
Revisit and update: Regularly review and update your pour over will and trust as necessary, especially when significant life events occur.

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