Legal Question in Wills and Trusts in Illinois

It depends. In Illinois, your spouse can choose to renounce the Will and take 1/3 of the assets that pass through your Will. For example, if you have all of your assets in joint tenancy except for that property, your spouse can "elect" to receive 1/3 of it (if the property passes through your Will).

However, if that property passes through a Trust, your spouse cannot make the same election.

A living trust would likely have no impact on your ability to refinance.

Feel free to call me if you'd like to discuss this further.

There are many ways that the surviving spouse can take assets contrary to your clearly stated instructions. I highly recommend a consultation. www.legacylaws.com.