Overview

A Will (also known as a “Last Will and Testament”) is a written declaration of a person’s intentions as to the disposition of his or her property taking effect at death. The primary purpose of this document is to establish a structure to govern and distribute probate assets. Typically, probate assets are property that are titled in one’s name at death, and which do not have a beneficiary designation (such as a life insurance policy or IRA). A Will typically contains provisions for who should administer the probate assets upon death and how those assets should be divided and distributed. Traditionally, the Will was the cornerstone of the estate plan. However, in the Midwest, the Revocable Trust has replaced the Will as the primary means of transferring assets at death (although a Will is still a very useful document).

A Will is revocable and amendable during life. A Will has no legal effect during one’s lifetime and only becomes enforceable at death. It is also the primary document that allows a parent to elect a guardian for any minor children in the event that both parents are deceased or disabled or disabled. The parties involved in a Will are:

• Testator
  The individual that creates the Will.


• Executor or Personal Representative
  The individual(s) and/or corporation(s) empowered to administer the estate. The Executor collects and inventories probate assets, pays debts, taxes, funeral costs and other eligible expenses, handles claims and disputes, and ultimately distributes the probate assets in accordance with the provisions set forth in the Will. The actual duties of the Executor vary according to the complexity and scope of the estate assets and the written plan.


• Legatee
  An individual and/or entity receiving cash or liquid assets under the terms of a Will.


• Devisee
  An individual and/or entity receiving real estate under the terms of a Will.


• Guardian of the Person and Estate of Minor Children
  The Guardian of the Person is an individual(s) responsible for the care, custody and upbringing of a minor child. The Guardian of the Estate is an individual(s) or corporation(s) responsible for the financial affairs of a minor child. Once a child reaches the age of majority (18 in Illinois), then the Guardians no longer have authority to make decisions on behalf of the child and that child will receive full control over his or her property, unless provisions of the Will state otherwise. The Guardian of the Person and Estate are often the same individual(s), but this is not required.