Legal Question in Wills and Trusts in Illinois
I just found out my wife had her will done. She never told me she was doing this. All assets including the home are in her name. I confronted her after seeing an envelope from a law office. She said she just had to get this done. I was never invited to any meetings with the attorney. She said she set up in the will to have the house go to me (present value about $550,000 with a $240,000 mortgage) and the Investments in securities and annuities (present value about $800,000) to go to the 5 children. Something seems odd. I thought that in ILlinois there was some percentage rule of what goes to the husband and what goes to the children. What should my concerns be? Can she later change the will and leave nothing to me?
3 Answers from Attorneys
A spouse can provide whatever he/she wants in their Will, however, the surviving spouse has the right to "renounce" that Will and take instead the percentage provided by statute, which is 1/3 of the estate (when there are surviving children; 1/2 if no descendants).
Wills are always revocable and amendable at any time prior to death (assuming testator has capacity).
Please note that the 13 (or 1/2) applies only to assets in a person's sole name which pass through their probate estate, but does not apply to non-probate assets, such as joint tenancies, beneficiary designations and trusts.
Your wife can create an Estate Plan that leaves you nothing. She could also easily avoid the "renunciation" issue, particularly if she establishes a Trust. You should retain an attorney to protect your interests. Feel free to call me to discuss this further. I won't charge for the phone call.
You said she left the securites to "the children" not "our children." If these are children from her previous marriage it would not be unusual if she provided for them even if you survive her.
But in any event you need to consult with an estate planning attorney as she has decided to plan apart from your input.
www.legacylaws.com. Feel free to contact my office for a consultation.
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