In this article we compare First Party special needs trusts and Third Part special needs trusts in Illinois. A trust is a legal bonding of three parties, including a donor who supplies trust funds, a trustee who holds and administers the trust funds, and a beneficiary who receives the benefits of funds. A special needs trust is designed to financially care and provide for a person with special needs without jeopardizing any assistance received from governmental programs.
If a person with an interest in the estate, such as an heir, beneficiary, or creditor of the decedent, believes the authenticity of a will is questionable, they have the right to contest the will in question. A will cannot be contested simply because interested parties are unsatisfied with its terms. Verbal confirmation of a will’s terms is not considered valid grounds to contest either.
When family members of a deceased person are unable to locate a will, either because it’s unknown if a will was completed or because its location is unknown, the will is considered lost. This is an issue for heirs, beneficiaries, and creditors because only the original copy of a will can be admitted to probate in Illinois. A will must be filed within 30 days of a person’s death in Illinois. Though the grieving process is strenuous, avoid putting off searching for a will if its location is not known. On the other hand, it is a felony to purposely not file a known will in Illinois.