Illinois joint & Mutual wills

[rlewis]

My mother and stepfather are residents of Illinois. My mother has grown children from a previous marriage. My stepfather has no children. Is a joint and mutual will advisable, provided a contract is attached? Will the survivor not be allowed the federal marital deduction because of a joint and mutual will? Thank you.

[This message has been edited by rlewis (edited April 06, 2000).]

[This message has been edited by rlewis (edited April 06, 2000).]

 

[depeche]

A joint and mutual will is not advisable as they are strictly construed and subjectv to particular scrutiny. From your question about the marital deduction, it sounds as if they have a significant estate.

If there are concerns aabout both estate taxes and the ultimate disposition of the estate of the first-to-die, then a "QTIP" Marital Trust and a bypass family trust is probably the the best option. This route can also eliminate the costly probate process for both parents.

I practice at a small suburban Illinois law firm that concentrates solely in estate planning and related areas. If you or your parents may be interested, feel free to e-mail me at [email protected].