We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. When you write alast will and testament, youre creating a legal document that determines where your assets will go after your death. 755 Ill. Comp. It can be as broad or narrow as the principal requires. Illinois' Electronic Wills and Remote Witnesses Act is a Game Changer Michael Brennan Jul 30, 2021 Wills, powers or attorney, and other important estate documents can now be validly signed and witnessed remotely through audio-video communications. About half of the U.S. states accept "holographic wills," which are wills that are written entirely or partially (depending on the state's laws) in the deceased person's handwriting and not witnessed. By providing certain contact information herein, you are expressly authorizing the recipient of this message to contact you via the methods of communication provided. The new law defines an electronic will as simply a will that is created and maintained as a tamper-evident electronic record. What is tamper-evident exactly? For example, if there is a surviving spouse and one or more children, the surviving spouse gets half and the children share equally in the other half. Also matters such as successor agents, guardianship, and compensation can be specified. A person whose estate exceeds these exemption or threshold levels needs to do some additional estate planning to minimize or eliminate death taxes. The trust agreement for a living trust usually provides that you are to receive all of the income of the trust and as much of the principal as you request. ILLINOIS LAW MANUAL CHAPTER XV AMENDED SUPREME COURT RULE 213 (Effective July 1, 2002) On March 28, 2002, the Illinois Supreme Court amended Rule 213 as it pertains to the disclosure of witnesses for trial. (See: Section 755 ILCS 5/4-3) You can also make a copy for your attorneyin case the original will is damaged or destroyed. Need Professional Help? Changes in the law can also create a need to update your estate plan. A self-proving affidavit is a statement that attests to the validity of the will. They may also include deeds to transfer real estate to a living trust and changes of ownership of financial assets to the trustee. For more guidance on the intricacies of wills and estate planning, consider enlisting the services of afinancial advisor. . The Electronic Wills and Remote Witnesses Act redefines presence to expressly include, being in a different physical location from another person, but able, using audio-video communication, to know the person is signing a document in real time.. Often, someone may decide that they need a health care power of attorney in a pinch. Unlike other legal documents, a will generally isn't valid unless two adult witnesses watch the will-maker sign it. Have any beneficiaries of your estate died or have you had important changes in circumstances or assets? A beneficiary's spouse may also be disqualified from serving as a witness. Or the trust agreement might instead provide that your trustee continue to hold the trust property in trust and manage it for the beneficiaries after your death, particularly if they are minors, disabled, or need help managing funds (such as spendthrifts). Electronic Copies of wills are now valid. This is so even if the children are infants, and a parent or custodian has to manage the assets for them until they reach the age of majority at which time they must receive full control over the assets regardless of maturity level or other influences. We are here to help! All joint tenants must agree to the sale or mortgage of the property. For paper copies, the witnesses and testator must physically compile all the signature pages within 10 days. The interview and forms are in English. In Illinois: The maker of a will must be 18 years old and be of sound mind and memory. Unfortunately, if the executor is a person, he or she may not receive a fee for their services to the estate if they signed the will as a witness, unless they are a supernumerary witness. A Will allows you to appoint an executor and (in Illinois) a guardian over your minor children. Such persons are likely to be present when you sign your will, so you do not need to make any extra trips. It also provides a forum for settling disputes, interpreting the will or compelling performance by the executor/administrator. Gone are the days of scheduling a formal office appointment with your attorney to sign estate planning documents as the law office staff witnesses and notarizes those documents on the spot. 755 Ill. Comp. Illinois law is also very specific on who can sign as a witness to a will. How will the death taxes on my estate be paid? If you create a trust while you are alive, it's called a living or inter vivos trust. At the death of the owner, the assets in the account are transferred to the designated beneficiary. The purpose of a consultation is to determine whether our firm is a good fit for your legal needs. While you (as grantor of a revocable living trust) are alive, income on the property in the revocable living trust is reported on the grantor's income tax return. These seemingly simple rules for witnessing a will can become very complicated, particularly when friends or relatives offer to help you prepare your will. What powers should my agent under the property power of appointment have that are not covered in the powers granted by law? It may also be possible to avoid probate by utilizing joint tenancy or transfer on death provisions for bank and investment accounts or for real estate. However, in some states, certain unwitnessed wills can still be valid. For a will to be valid in Illinois: the testator (the creator of the will) must be at least 18 years old; The testator must be of sound mind and have the mental capacity to understand the consequences of their actions, The testator must sign the will in the presence of at least two witnesses, who must also contemporaneously sign the will. 110 1/2, par. A will can be witnessed and signed by anyone over 18, as long as they don't stand to benefit from it. If a platform like Docusign is not used to create and sign an electronic will, there is now an option to use multiple signature pages for the testator and witnesses. Defend the Will if challenged as not being enforceable due to improper execution, being created under undue influence or by a person not of sound mind or other deficiencies. A guardian is someone you name to take care of your minor children after you die. your witnesses must sign your will in front of you. In Illinois, you may revoke or change your will at any time. A supernumerary witness is an extra witnessso if three people sign the will as witnesses, and one of them is a beneficiary but the other two are not, the beneficiary can still receive his or her gift under the will. If you need to make changes to your will, it's best to revoke it and make a new one. Estate planning documents include wills, trust agreements, beneficiary designations for life insurance, 401(K) plans and IRAs, powers of attorney for healthcare and property, buy-sell agreements , and living wills. The witnesses should be over 18 years old, not be related to you or given anything under your Will (or related to a beneficiary) and should not be named as guardian, executor or trustee under your will. It doesn't cover unanticipated contingencies nor does it provide a comprehensive plan for the disposition of one's entire estate as does a will. In 2020, a person could give up to $15,000 a year to any person without a gift tax. Yes. Page 12 Taking Remote Depositions: Exhibits In all cases, it's best to have witnesses. A bank or trust company also may be named as executor. Some Of The Best Illinois Legal Questions From 2022, Lawyers As "Experts" On TV Might Not Be One, Illinois Lawyers Who Will Sue Big Companies, Five Insurance Company Tricks When You Are In A Car Accident In Illinois, Winning A Premises Liability Lawsuit In Illinois. Provide beneficiaries with appropriate tax information. 5/4-1. The advice that you receive from us should be taken in general terms. Banks, law offices and other places of business may be willing to provide witnesses and a notary. Changes in your life can create a reason to change your estate plan. Some of the highlights of the new law are below. If there is a will, the executor nominated by the maker of the will takes the place of an administrator and is the one who handles the estate. For example, if a situation arises where you are in an accident and need emergency medical care, doctors will look to a trusted individual to make decisions on your behalf. Gifts to anyone else is a taxable gift, but is subject to an annual exclusion (discussed below) and the same lifetime exemption as for federal estate tax. Just be sure that neither of the two people you have sign your will as witnesses are also named as beneficiaries or individual executors under your will. Who Is A "Beneficiary" Of A Will Under Illinois Law? The will must be signed by the maker and must be witnessed by two witnesses in the special manner provided by law. A trust created under your will is called a testamentary trust and does not exist until your will is probated . It's something every parent thinks about--who will take care of my kids if I'm gone? . Can my minor child's inheritance be paid out over time as the child matures? For more details on Illinois' specific approach to e-wills, see What Is an Electronic Will? You may also run into challenges if youre asking someone who has a mental impairment or a visual impairment to witness your will. Additional Documents, like Powers of Attorney can now be signed virtually. A will is a legal document, but in order for it to be binding, there are certain requirements to meet. The will-maker (testator, in legal jargon) declares to the two witnesses that they are about to watch him sign his or her will. An experienced attorney is skilled in drafting estate planning documents that are precise and clear. Joint tenancy is a common form of ownership for property. Neither witness should be a beneficiary of the will. Revocable Trust: In Illinois, a revocable trust does not need to be witnessed or notarized to be effective. Not having enough witnesses, improper execution of the documents by witnesses, failure to properly authenticate the signatures and failing to include the necessary acknowledgements by the witnesses such as finding the signer to be of sound mind. Who you would like to manage your estate (the executor); How you would like your assets distributed when you pass; or, Who you would like to be the guardian of your minor children should you become mentally incompetent or pass away. Once the will is signed and deemed valid, store it in a secure place, such as a safe deposit box. These are similar to a payable on death account. Estate planning during the pandemic is still possible with a virtual law firm. With important exceptions, a will is a document that controls the disposition of a person's property at death. When drafting a will, it's important to understand several requirements, including who can serve as a witness. So for example, if youre drafting a will that leaves assets to your spouse, children, siblings or parents, none of them would be able to witness the wills signing since they all have an interest in the wills terms. Property payable to a designated beneficiary. Will-making rules can also exclude relatives or spouses of any of your beneficiaries. Some problems often encountered in self-d rafted documents that have not been at least reviewed by an attorney include: An Illinois resident who dies with property located in Illinois may be subject to income tax, the federal estate and gift tax, and the Illinois estate tax. 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