Wednesday, February 11, 2009

Free Estate Plan from the State of Illinois


The State of Illinois has provided a free Will for people who—for any number of reasons—have not prepared a Will.

Like many things that are free or low cost do-it-yourself, you may not be pleased with the results.

The State of Illinois “free” version that I have reproduced below is for a married couple with one or more children. 

If you are not married or if you have a domestic partner the “free” Will that the State of Illinois provides for you may be even less satisfactory.

Here is Mr. Smith's "Free" Will from the State of Illinois

Last Will and Testament of John Smith

Drawn Up For Him by The State of Illinois Because He Died Without a Valid Will

I, John Smith, a resident of Illinois, do hereby accept this to be my Last Will and Testament drawn by the State of Illinois, because I do not otherwise have a valid will.

1.0       I give my wife one-half (1/2) of my assets, which I own in my own name, and I give my children the remaining one-half (1/2).

1.1       I appoint my wife as guardian of my children, but as a safeguard I require that she report to the Probate Court each year and render an accounting of how, why, and where she spent the money necessary for the proper care of my children.

1.2       As a further safeguard, I direct my wife to produce to the Probate Court a Performance Bond to guarantee that she exercises proper judgment in the handling, investing, and spending of the children’s money.

1.3       As a final safeguard, my children shall have the right to demand and receive a complete accounting from their mother of all her financial actions with their money as soon as they reach legal age.

1.4       When my children reach age eighteen (18) they shall have full rights to withdraw and spend their shares of my estate. No one shall have any right to question my children’s actions on how they decide to spend their respective shares.

2.0       Should my wife remarry and also die without a will, her second husband shall be entitled to one-half (1/2) of everything my wife owns in her own name.

2.1       Should my children need some of this share for their support, the second husband shall not be bound to spend any part of his share on my children’s behalf.

2.2       The second husband shall have sole right to decide who is to get his share, even to the exclusion of my children.

3.0       Should my wife predecease me or die while any of my children are minors, I do not wish to exercise my right to nominate the guardian of my children.

3.1       Rather than nominating a guardian of my preference, I direct my relatives and friends to get together and select a guardian by mutual agreement.

3.2       In the event that they fail to agree on a guardian, I direct the Probate Court to make the selection. If the court wishes, it may appoint a stranger acceptable to it.

4.0       Under existing tax law, there are certain legitimate avenues open to me to lower death taxes. Since I prefer to have my money used for governmental purposes rather than for the benefit of my wife and children, I direct that no effort be made to lower taxes.

IN WITNESS WHEREOF, I have set my hand and seal to this, my Last Will and Testament, consisting of two (2) typewritten pages, on this __________ day of ____________, 20__.

_________________________ (SEAL)

John Smith

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1 comment:

  1. So in essence, the "free" estate plan ends up costing the estate potentially multiple times more than a professionally crafted estate plan. . . . . .interesting. But hey, that's Illinois for you!!!

    ReplyDelete