will and trust documents
they may also include deeds to transfer real estate to a living trust and changes of ownership of financial assets to the trustee. a will lets you give your property to the people of your choice. it is also possible that it will be changed as a result of the change of administration in 2020. the illinois estate tax threshold amount is $4,000,000 and an estate with even $1 over that amount is subject to tax on the entire amount. when a tenant-in-common dies, his or her interest passes to his or her estate and not to the surviving co-tenant. the property passes, instead, as part of the estate to the heirs, or the beneficiaries under a will.