Do You Need a Will? Some Things To Know
Do You Need a Will?
A will is a document you write stating who will receive parts of your property and estate when you pass away. If you choose not to create a will before your death, things can get complicated for those left behind who have to sort everything out. Since a will is so important, there are a few precautions you can take to make sure little issues don’t arise later, including having a witness for the document and getting it checked by a lawyer. Here are the basics to a will.
Understanding a Will
A will allows you to divide up your estate between family and friends. You can include investments, property, real estate, bank accounts and other assets. Anything that rightfully belongs to you can be written into your will with a destination. If you have minor children, your will can state who becomes their legal guardian in the case of your passing before they reach adulthood. When you write out your will, you maintain power over who gets what.
Reasons To Have a Will
The main incentive for writing a will is that you take charge over the inheritance of your estate. By creating a will, you leave no room for debate over who inherits what after you pass. A will can also make things easier for your loved ones after your death, as they will not have to deal with the hassle of dividing up your estate. A will allows your assets to be passed on quickly to your heirs, and it allows you to plan ahead for strategies that avoid taxes, such as gifting.
If You Don’t Have a Will
If you fail to write a will before your death, matters can become complicated quickly. First, your assets will be frozen as the state takes over your estate to determine who will be in charge of dividing your property. Without a will, there is no guarantee of who will get power over your property. Furthermore, if you have minor children, you will have no say over who will take care of them. Children will probably be taken over by a family member, but that can leave a lot of options and make things complicated if you have many relatives.
Take charge of your estate by creating a will. You may consult with a will lawyer in Palatine, IL from a firm like Bott & Associates, Ltd., to assist in creating your will. Lawyers will help to make sure there are no loopholes that may cause problems among your heirs. Better to be safe than sorry by creating a will.