Don’t Make These Six Mistakes When Writing Your Will
If you haven't yet prepared a will, you're probably putting it off because you aren't sure what to include, how to structure it to protect your heirs or even how to establish a trust for your children. That's perfectly normal – most individuals are confused by the many laws surrounding a last will and testament, but you can quickly get clarification from a Chicago will attorney at Peck Ritchey. Rather than run the risk of leaving behind a confusing or invalid will, talk to us about having your will prepared properly. We can help you avoid the following common mistakes:
Mistake #1: Neglecting To Assign An Executor Or Chicago Will Attorney
While the courts can appoint an executor for your estate, it's best to choose a person you know and trust as the executor of your will. Almost any Chicago will attorney can tell you a tale about a court-appointed executor who winds up causing problems because he or she simply didn't understand or care about the wishes of the deceased person. A Chicago will attorney can help you choose someone who has the right skills, is trusted by the family, and who will execute the will faithfully.
Mistake #2: Trying To Mix Assets
Family fights and bad blood can be avoided if your will clearly outlines what each heir inherits and what should be done with the bulk of your estate. Many people who are executors, however, attempt to mix assets or don't fully understand the importance of keeping specific bequests separate. If there is an independent life insurance policy in effect or joint accounts that your loved one had with another individual, the situation can be even more confusing. To make sure that you don't mix assets and that you understand which assets should be included or left out of the estate, consult with a Chicago will attorney.
Mistake #3: Not Making Funeral Plans
This is a crucial aspect of an estate that is often overlooked by individuals trying to write their own wills. They assume that their children or grandchildren will be able to make the funeral arrangements themselves. Sadly, this often leads to unnecessary bickering when everyone is trying to mourn and when most people are particularly sensitive to criticism. One person may feel that a cherry wood coffin and a lavish funeral with hundreds of mourners is appropriate while another heir may feel that their loved one would have preferred a private send-off with minimal fuss. A Chicago will attorney can assist you in outlining your funeral wishes clearly and in detail so that your descendants don't have to go through the painful process of making arrangements.
Mistake #4: Not Appointing A Guardian For Your Children
No one thinks they will die while their children are still young, but it has happened often enough that every parent should prepare in advance for the possibility. Without stipulating a guardian for your children, they could end up wards of the court and given over to a guardian you would not have chosen because of their age, a fundamentally different lifestyle, or a religious view that doesn't agree with your own. Talk to a Chicago will attorney at Peck Ritchey about choosing and appointing an appropriate guardian so that your children will be raised in a manner closely aligned with your own beliefs and child-rearing methods.
Mistake #5: Forgetting Fido
Despite their status as members of your family, pets are considered personal property by probate courts. That means your dogs or cats could end up being sold or given away if you don't specifically leave them to an heir who will care for and love them. A Chicago will attorney may also advise you to leave a specific amount of money to the person who inherits your pet or pets to defray the expenses of caring for your furry friend.
Mistake #6: Not Paying Off Debts Before Distributing The Estate
As the executor of an estate, you may discover that the heirs to an estate are anxious to get their fair share of the inheritance. Often, they will want the executor to distribute the funds as soon as possible, not understanding or caring that there may be substantial debts or obligations that have to be paid for out of the estate before the remainder is distributed to the heirs. When preparing your own will, a Chicago will attorney can assist you in writing clear instructions for paying off debts and obligations from a bank account set aside specifically for this purpose. This allows for quicker distribution of the estate, while protecting executors from liability if additional expenses are discovered.
At Peck Ritchey, a will attorney isn't just a lawyer who creates a standard document. He or she will be your advisor every step of the way, suggesting ways to structure your estate in order to protect your heirs and ensure that your final wishes are carried out faithfully. Visit our website to schedule an initial consultation.