Top Reasons to Make a Will

Do you currently have a will? If you do not, it is essential to consider getting in touch with an Oak Park estate planning lawyer and making one. Many Illinois residents assume that they will consider a will when they get older or if they learn they are ill and need to worry about their own long-term health or the care of their minor children. Another common belief is that you only need to make a will if you have substantial assets. Yet making a will certainly is not only an essential task for an elderly adult, a wealthy person, or a terminally ill person. Indeed, wills are important for any adult, regardless of your age, how much money you have, and the status of your health. It is also critical to know that you cannot simply write a document with your wishes, keep it with your belongings or in a place known to your family, and assume that your wishes will be honored. To be sure, Illinois law has specific requirements for making a valid will, which includes having at least two witnesses who also sign the document.

Recognizing that making a will really should be a priority for all adults, it is important to know why. The following are some of the top reasons to work with our estate planning attorneys to make a will.

1. Decide Who Will Inherit Your Assets

One of the most important reasons to make a will is to decide who will inherit your assets (and who will not). You can make clear who should have ownership of each individual asset you own and who should not inherit anything.

2. Identify an Executor to Handle Your Estate

You can use your will to identify the executor who will administer your estate, handling all of the details of the probate process and ensuring that assets are properly distributed to your loved ones.

3. Name a Guardian to Care for Your Minor Children

If you have minor children, you can name a guardian to care for them in the event of your death.

4. Prevent a Family Dispute and Future Legal Challenges

Making a will — and ensuring that it is valid with help from an attorney — can help to prevent a family dispute and future legal challenges concerning the inheritance of your assets.

5. Limit Potential Estate and Inheritance Taxes

Finally, by working with an estate planning lawyer, you may be able to take advantage of certain tools while making your will to limit estate or inheritance taxes that your loved ones would be responsible for paying.

Contact an Oak Park Estate Planning Attorney

If you do not have a will, or if you need assistance with other estate planning documents and tools such as a trust or an advance directive, you should get in touch with one of the experienced Oak Park estate planning lawyers at our firm. We can begin working with you today to ensure that your estate planning documents are prepared to give you peace of mind. Contact the Emerson Law Firm today for more information.



See Related Blog Posts:

Estate Planning: What Documents Should I Consider?

What Goes Into a Valid Will in Illinois?




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