Why should you consider having a Will? Perhaps the most important reason is that if you don’t have your own will, the State of Illinois has one for you!  All states have some type of plan for the distribution of property of deceased persons. Unfortunately, those plans are not flexible in determining who will receive your assets after your death. Other reasons you may want to have a will include:
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You can make gifts of personal property, like antiques or collections, or real estate to specific individuals; the state’s plan doesn’t allow for this.
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You can name the guardians of your young children, both to manage their property as well as who will care for them on a daily basis.
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You can create trusts within your will that would carry on to benefit your family members and help protect their inheritance from outside influences.
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Also through the use of trusts, you may wish to treat some family members differently from others. Some may already have accumulated substantial assets, while others may have ongoing special needs.
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Even if you have established a living trust for yourself and your family, there could be some assets that you haven’t previously transferred into the name of the trust. A “pour-over” will can transfer over those assets after death into your trust to be held along with the property contributed during your lifetime.
To review some of the most important things to consider when naming an executor, click here.

If you would like to learn more about our estate administration services, please contact Clayton Apt, Trust Officer, at 309.427.6860.

NOTE: This web site is not designed to provide legal, tax or accounting advice. As a service to users, general information is provided. Contact your lawyer, tax professional or accountant for advice on your specific situation.


What does an
Executor do?

Quite often, the executor performs some of the same functions as a trustee. However, they may also provide the following services:
• Assist in filing the Will and obtaining formal appointment by the court.
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Locate financial records.
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Insure and protect property.
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Assist in the location and notification of heirs.
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Analyze various choices for valuation of assets and types of distributions to beneficiaries.
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Arrange for filing of federal and state income tax returns.
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Arrange for preparation and filing of federal estate and gift tax returns, if needed.
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Account to the court for all actions taken during estate administration.

• Arrange for the valuation and sale of real estate and personal property, or for its distribution according to the Will.
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