Frequently Asked Question:
|
| Will | No Will |
| Called Probate | Called Administration |
| Executor Set by Will | Administrator Set by Statute |
| Distribution Decided in Will | Distribution Set by Statute |
| Can Specify No Bond Result: Major Cost Savings |
Bond Required Result: Large Cost of Estate |
| Can Specify Independent Status Fewer Court Dates/ Lower Fees |
Can Request Independent Status If Supervised Results in More Court Dates and Higher Fees |
| Executor Broad Powers By Will | Administrator Statutory Powers |
| Fewer Appraisals Required | Appraisals More Likely |
Planning Point:
If you do nothing else, write a Will to save on time, money and to achieve the results you want, not the results Illinois' legislature and court system finds reasonable.
For more information on estate planning, see:
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