Taxation & Estate Planning

Will Depository, and Private Vs. Public

By Joel A. Schoenmeyer

Earlier this year, I decided to try and start a side business. The business related to my law practice, and the goal was to solve a problem: so-called "orphan" Wills. Some attorneys retain their clients' original Wills and other estate planning documents. But what happens if the attorney loses contact with the client, or the attorney dies and the documents pass to some other attorney? Destroying old documents isn't really an option, since you run the risk of destroying a valid Will. But Illinois didn't have an official Will Depository (as some other states do).

My business idea was to set up a private Will Depository. I did my research, hired a web designer, put together procedures, and started to work on www.IllinoisWillVault.com. But I made (at least) one big mistake: I guessed (incorrectly) that our current recession -- and Illinois's deficit problem -- would make legislation in this area unlikely. I was wrong, as we now have Public Act 096-137, which becomes effective on 1/1/2010. This act allows for the filing of an "orphan" Will (the creator of which cannot be located) with the Illinois Secretary of State's office.

Oh well.

Full post as published by Death and Taxes Blog on October 01, 2009 (boomark / email).