What Your Chicago Will Attorney Wants You To Know

Estate Planning DocumentIf you don’t have a will drafted, you may now realize why it’s important to have one. Learn more about what a Chicago will attorney wants you to know regarding creating a will that can help protect your family members from fighting and stress.

Chicago Will Attorney Tip #1: Everyone Needs A Will

If you don’t have a lot of assets, you probably think you don’t even need a will. However, this is completely false! Everyone needs a will. Wills can help your relatives know what you want to do with your belongings after you’re gone, even if this just includes your furniture or other household goods. Without it, your family members could spend time arguing amongst themselves instead of pulling together and mourning your loss. Additionally, when you have a legally binding document from a Chicago will attorney that spells out your wishes, your beneficiaries will be able to access your estate more quickly.

Chicago Will Attorney Tip #2: Use A Lawyer

Everyone has seen the commercials for DIY legal services. This is a terrible idea. These documents may not be binding or they might not address your specific situation. Instead, contact a Chicago will attorney and have a lawyer draft the right type of documents for your individual situation. The cost is often negligible and the benefits can save your family members a lot of heartache after you’re gone.

Chicago Will Attorney Tip #3: Understand What Your Executors Do

Wills must have an executor appointed. This is the person who is responsible for making sure your wishes are carried out after you’re gone. Many married couples choose to name each other as executor, but what happens if there’s an accident and both spouses are killed or one is medically unable to act as the executor? These situations are why it is important to have someone named as a substitute executor.

Chicago Will Attorney Tip #4: Don’t Forget To Name A Guardian And Trustee

If you’re relatively young and have children living at home, it’s vital that you name a guardian for them. If you’re married and both spouses die in an accident, the children could be placed into a state run foster home, especially if it takes a while to contact your next of kin. Additionally, if you’re unmarried and living together, it’s important to name someone as guardian. An unmarried father may not automatically receive custody of his own children, especially if an aunt or grandparent contests the guardianship. For this reason, it’s important to appoint guardians.

If you put assets into a trust for younger children, it’s also necessary to appoint a trustee. This doesn’t have to be the same person as the guardian and many people choose to name a trusted attorney or family friend as the trustee. The trustee ensures that assets are managed well when the children are too young to make responsible financial decisions for themselves.

Chicago Will Attorney Tip #5: Let Your Family Members Know Where It Is

Lastly, it’s important that your family members know where your will is. The days surrounding your death can be stressful and chaotic, especially if it was a surprise. If your family members know where your will is, they’ll be able to make sure your wishes are followed.

If you don’t have a will drafted, let a Chicago will attorney from Peck Ritchey, LLC help create one. When wills are done correctly they can reduce a lot of stress and strife after a loved one’s death.

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