Legal Question in Wills and Trusts in Illinois
Will protection
My father is still alive and his 4 children will receive a substantial inheritance. We would like to set up a fund under all of our names and transfer all of Dad's assets into it-some accounts now have one sibling named jointly with Dad. What is the best way to assure that all siblings will receive an equal share of his assets according to his will upon Dad's death ? Dad is no longer of sound mind. Thank you.
1 Answer from Attorneys
Re: Will protection
At this point, because your father is no longer of sound mind, he cannot restructure his estate plan, nor can he transfer assets. Any restructuring of his assets and estate would need to be done either through a guardianship, or with a Durable Power of Attorney executed while he still had capacity.
Your father's existing will, if valid, will control the distribution of his probate assets upon his death. However, probate assets do not include assets that have joint owners or beneficiaries designated. Those assets will go to the person or persons named on the account.
Another question that you may need to consider is whether your father has structured his estate for the possibility that he may need skilled nursing care.
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