Attorneys To Create a Will

If you are over the age of 18, you may create a will if you are of sound mind. A will is a legal document you create with instructions about whom you want to distribute your personal property such as your jewelry, books, clothing, cars, household items and bank accounts, as well as your real property, to upon your death.

If your children are still minors, you may also nominate a guardian for your minor children in your will. A will is not an expensive process but it is an important one to give your family clarity and a declaration of your wishes when they need it most. If you need to have a will created, contact us at our Naperville office at 815-534-4402 or by email.

What Happens If I Do Not Have A Will?

Without a will, the state courts intervene to distribute your assets under probate laws. Probate laws outline a preset formula for distribution of assets, which may include family members, or heirs, you are not fond of.

Speak to an experienced lawyer at our firm to draft a will with your unique intentions clearly communicated. Call 815-534-4402, toll free at 269-440-6890.

Two Assets You’d Rather Not Include In a Will

A last will is a crucial legal document that lets you distribute your assets to the people and causes you care about when you die. Without one, Illinois intestacy laws would dictate who gets what, and you might not like this.

However, you cannot include everything in your name on a will. Understanding what you can include in your will as well as what you cannot is a crucial part of the estate planning process. The last thing you want is to invest time and resources in a document that will eventually be challenged on grounds of inadmissibility.

1. Assets that you co-own with someone else

Any property that you jointly own with someone else will most likely pass down to the surviving co-owner upon your death. This arrangement is known as joint tenancy with rights of survivorship. For instance, if you co-own stocks in a jointly-held brokerage account with your spouse, then they will automatically become the sole owner of the stocks in question upon your death.

2. Assets with designated beneficiaries

Most financial accounts (life insurance policies, pension plans and retirement accounts as well as bank accounts) are usually transferable or payable on death. Such assets are directly paid to the named beneficiaries, which makes including them in your will unnecessary. However, if you wish to make a clarification on these assets, then you can capture such information in a letter of instruction. Including these assets in your will can be irksome at times. As such, instead of having them in your will, you are better off assigning them beneficiary designations.

Figuring out what you can and cannot include in your will is just as crucial as figuring out what you will leave behind for each beneficiary. Find out how you can create a will that will ensure that your beneficiaries inherit without much trouble.

Do You Have a Valid Illinois Will?

Creating a will is a smart and responsible step to take as an adult. It’s also an important part of any estate plan. However, before thinking all your affairs are settled, you must ensure the will is valid in the state, which means you have met all legal requirements. 

In Illinois, specific elements must be in place for your will to be considered valid and legally enforceable. Learn more about these here. 

Knowledge of the will process

To create a will, you must be at least 18 years old. You must also be of sound mind. Essentially, this means that you must know what you are doing. If it is believed that you were not of sound mind when your will was created, beneficiaries and other family members can contest the will after you pass away. 

Disinterested witnesses

Your will can be any length and size. This doesn’t impact the legality of it. The testator (the person writing the will) must sign the document in the presence of two witnesses. The two witnesses must be individuals who have no interest in the contents of the will. This means they are not beneficiaries, nor have they been given power of attorney over your financial affairs or medical treatment. 

Understanding Illinois will related requirements

Creating a will helps ensure your assets are distributed to your beneficiaries based on your wishes after you pass away. It will also appoint a legal guardian to minor children and designate a financial and medical power of attorney. Because of this document’s importance, it’s imperative to ensure it is legal in the state. Knowing the legal requirements is the best way to meet these requirements. 

Protecting Your Legacy Starts With A Consultation

Creating a will before you die will give you peace of mind knowing your minor children will be properly cared for and your assets, your home and your property will be distributed to the people or organizations you want them to be distributed to.

At Demetrius J. Karos, Ltd., we work closely with people who are looking to protect their peace of mind by creating a will as part of their overall estate plan. Contact our firm to meet with an experienced, personable estate planning lawyer who can address your concerns.