As complex and daunting as the process may seem, creating a will – especially if you have a family – is important. Working with a qualified attorney can simplify the process and help you achieve peace of mind, knowing your family will be taken care of if something unexpected happens to you.
Protect What’s Important
Your life is represented by a collection of things, items of great sentimental value and items of financial value. You also have people in your life who may need to be taken care of if you are no longer around. The bottom line is you have a lot to protect.
The only way to make sure that your assets are distributed the way you want them to be, is to have a will. Don’t leave these decisions to the laws of the state. Even more importantly, if you have young children, creating an estate plan that outlines who will care for them if you should die suddenly will ensure the courts won’t be deciding their fate.
Creating Your Will
Your will is going to be your voice after you are gone. It should accurately express your wishes for the distribution of your assets and provide for those under your care, both children and adults. There are certain things you should make sure to include.
- Assets – Your assets, everything from stocks and bank accounts to personal items like jewelry and photographs, should be included in your will. You won’t need to include items that have direct beneficiaries, like life insurance or items you hold jointly with another person.
- Beneficiaries – Naming your beneficiaries is an essential part of your will. This will determine who receives your assets according to your wishes. It’s important to keep beneficiary designations up to date.
- Trustee and Guardian – No matter what happens to your assets, you’ll want to make sure you have the last word when it comes to choosing a guardian for your minor children. This person should be someone you trust with their physical care. Your trustee is the person(s) you trust to handle financial matters for your children until they reach a certain age (you can specify this as well). The trustee and guardian can be the same person(s), but it is up to you to decide.
- Executor – The executor is the personal representative you choose to be responsible for your final wishes, including managing your assets, paying your debts and final expenses, and figuring out the inheritance. This person will also be required to wrap up any of your remaining affairs. This person should not only be trustworthy, but someone who can handle this responsibility, as well as your loved ones, during this emotional time.
Contact an Estate Planning Attorney in Rockford, IL
A will is a lot like insurance, you never want to need it, but you know it’s a bad idea not to have it. Contact an estate planning attorney in Rockford, IL from The Crosby Law Firm and let us simplify this complicated task so you can relax knowing you have a plan in place.
