A will is a legal document that specifies how your assets should be distributed after your death. It must go through probate, which can be time-consuming and costly. A trust, on the other hand, allows assets to be transferred directly to beneficiaries, bypassing probate and offering privacy, flexibility, and tax benefits.

In Illinois, a legally valid will must:

• Be created by a person who is at least 18 years old and mentally competent.
• Be in writing and signed by the testator (person making the will).
• Be witnessed by at least two individuals who are not beneficiaries.
• Clearly state how assets should be distributed and name an executor to manage the estate.

To minimize conflicts and prevent legal challenges, ensure that your will or trust:

• Clearly states who will inherit specific assets.
• Names a reliable and unbiased executor or trustee.
• Is regularly updated to reflect life changes.
• Includes a "No Contest" clause to discourage legal disputes.
• Is legally drafted and reviewed by an estate planning professional.

The type of trust you need depends on your goals and financial situation:

• Revocable Living Trust – Allows you to manage assets during your lifetime and modify the trust as needed. Assets avoid probate but remain part of your taxable estate.
• Irrevocable Trust – Once created, it cannot be changed. It provides strong asset protection and reduces estate taxes.

You can place a variety of assets in a trust, including:

• Real estate properties to avoid probate.
• Investment accounts & stocks for smooth transfer.
• Business interests to ensure continuity.
• Bank accounts & cash assets for direct access.
• Life insurance policies to protect beneficiaries.

Yes, a will or trust can be contested in court under specific circumstances, such as:

• Allegations of fraud or undue influence.
• Claims of lack of mental capacity when the document was created.
• Improper execution, such as lack of witnesses or invalid signatures.

A will or trust should be updated:

• Every 3-5 years or when significant life changes occur.
• If you experience marriage, divorce, or the birth of a child.
• If a beneficiary or executor passes away.
• If your financial situation changes (new property, investments, business interests).

If someone passes away without a will (intestate), their estate is distributed based on state intestacy laws, which typically:

• Give priority to a spouse and children.
• Pass assets to parents, siblings, or extended family if no spouse or children exist.
• In rare cases, assets go to the state if no heirs are found.