Lunch & Learn Series: Estate Planning Essentials—Wills, Trusts, and Intestacy Laws

As part of Greenwood Law’s ongoing Lunch & Learn series, our August 5th session focused on demystifying estate planning for individuals and families across Illinois, Iowa, and Georgia. Attorneys James Greenwood, Ben Young, and Steph Iasiello led a practical, engaging discussion on wills, trusts, and intestacy laws—highlighting common pitfalls and offering actionable insights.

This blog post summarizes the key points covered in the session, which you can also find referenced on our Greenwood Law blog.

📝 Wills 101: What Every Will Should Include

A valid will should clearly identify:
- Beneficiaries: Who inherits your assets.
- Executors: Who carries out your wishes.
- Assets: What you own and how it should be distributed.

Common disputes arise over heirlooms, firearms, photo albums, and military memorabilia. Specific bequests help avoid confusion and family conflict.

Pitfalls to Avoid

- Unclear language: Leads to costly legal battles.
- Failure to update: Life changes can invalidate parts of your will.
- DIY wills: Online templates often fail to meet state-specific legal standards.

🔐 Trusts: Inter Vivos and Special Needs

Inter vivos trusts (also called living trusts) are created during your lifetime to manage and distribute assets. They help avoid probate and offer flexibility in asset distribution.

Special Needs Trusts

Designed to preserve eligibility for government benefits while providing long-term care. Two types:
- First-party trusts: Funded by the beneficiary.
- Third-party trusts: Funded by others for the beneficiary’s benefit.

In Illinois, these trusts must be registered with the state. Illinois offers ABLE accounts and Georgia offers STABLE accounts and may be a simpler alternative depending on the situation.

⚖️ Intestacy Laws: When You Don’t Have a Will

If you die without a will, state law decides who gets what. A couple of potential examples include: 

Illinois

- Half of your estate goes to your spouse.
- The other half goes to your children.
- This can lead to complications, especially if minor children inherit property.

Georgia

- The surviving spouse receives at least one-third.
- The remainder is split equally among children.
- Distribution varies based on the number of heirs.

💡 Final Thoughts

Estate planning isn’t just for the wealthy—it’s for anyone who wants to protect their legacy and loved ones. Whether you're considering a will, trust, or simply want to understand your options, speaking with an attorney ensures your plan is legally sound and tailored to your needs.

📞 Contact Greenwood Law at (855) 528-6022 or visit www.greenwood.law to schedule a consultation.