Wills and trusts are two common tools used in estate planning, but they serve different purposes and function in different ways under Illinois law. Whether you are planning for the future of your children or trying to avoid probate, understanding the distinction between these documents is essential, and an experienced Wheaton, IL estate planning attorney can help guide you as you create a comprehensive estate plan.
What Is a Will?
A will, also known as a “last will and testament,” is a legal document that outlines your wishes for the distribution of your property after death. In Illinois, wills are governed by the Illinois Probate Act of 1975, 755 ILCS 5/1-1. This law explains the requirements for executing a valid will, including the need for the document to be signed by the testator and witnessed by two competent individuals.