Illinois Sample Letter for Execution - Distribution of Will to Individual
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How to fill out Sample Letter For Execution - Distribution Of Will To Individual?
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FAQ
The clause will name the residuary beneficiary who is also sometimes known as a remainder beneficiary. For example, "I give my car to my niece, my rental property to my son, and the residue of my estate to my wife," or ".... I give the remainder of my estate, including any personal and real property, to my wife."
EXAMPLE 1: After making many specific bequests, Alfredo leaves his residuary estate to his daughter, Vanessa. He then specifies that if Vanessa does not survive him, her share should go to her two children?Alfredo's grandchildren?in equal shares.
A residuary estate is the portion of a person's assets that are left over after paying off their estate's debts, taxes and expenses and after distributing any specific gifts of property or money. People often put instructions in their wills about what to do with their residuary estates.
A typical residuary clause says: I leave all the rest and residue of my property, both real and personal, of whatever nature and wherever situated, assets, including all real and personal property, tangible or intangible, to: _______________.
The clause will name the residuary beneficiary who is also sometimes known as a remainder beneficiary. For example, "I give my car to my niece, my rental property to my son, and the residue of my estate to my wife," or ".... I give the remainder of my estate, including any personal and real property, to my wife."
The timeline for this process can vary greatly, typically ranging from several months to over a year, depending on factors such as the size and complexity of the estate, the clarity of the will, and whether or not the probate process is contested.
A Will, also known as a Last Will and Testament, is a legally prepared and bound document that states your intentions for the distribution of your assets and wealth after your death. In the event you have children, a valid Will also allows you to designate who will care for them.
In Illinois, the person in possession of the deceased's will must timely file it with the clerk in the appropriate county, after which the court will issue letters of office. The executor of the will may then distribute the deceased's property as provided for in the will.
