The Most Compelling Reasons to Write a Will

 Posted on January 25, 2019 in Estate Planning

There are many misunderstandings about wills and estate planning in general. People incorrectly assume that they do not need to worry about estate planning until they have retired or that only the rich need a last will and testament. The reality is that having a will is beneficial to people of all ages and lifestyles. Passing away without a will means that strangers will decide how your property and wealth is managed and distributed to heirs instead of you. Although it can be difficult to make decisions about what will happen after you die, creating an estate plan put you in control of the assets you worked so hard to earn. The following are the most compelling reasons to stop procrastinating and get started on your will today.

Choosing a Guardian for Children if You Pass Away

If you are a parent of minor children, have you ever considered what would happen to your children if you passed away suddenly? Even a family with two parents can be struck by an unexpected tragedy which leaves the children parentless. A will allows you to name a legal guardian or guardians for your children if the worst happens. Parents who pass away and did not name a legal guardian for their children leave that decision up the court.

Determining How Your Assets Are Divided

Creating a last will and testament allows you to choose how your property and assets are divided among heirs. How your estate is distributed should be a personal decision – not one decided by strangers or impersonal state laws. If you do not create a will, when you pass away, your property and debt will be distributed according to Illinois law. This could mean that loved ones will not receive the inheritance you intended for them to receive and other heirs may be given these assets instead.

Making Your Death Easier on Loved Ones

Losing a loved one is already one of the most stressful and upsetting life events a person can experience. Unfortunately, estate complications only worsen the emotional and mental strain caused by a family member’s death. Creating an estate plan before you die saves your family a significant amount of legal and bureaucratic work during a grim time in their lives. Creating a will also gives family members and friends the peace of mind that they are correctly fulfilling your final wishes instead of having to guess what your final wishes are.

Lombard, Illinois Wills and Estate Planning Lawyers

Contact the experienced DuPage County estate planning attorneys at A. Traub & Associates for help with drafting a will and other aspects of the estate planning process. Call 630-426-0196 to schedule a consultation with our law firm today.

Sources:

https://www.businessinsider.com/why-you-should-make-a-will-2011-12#you-want-to-keep-the-family-business-alive-8

https://www.investopedia.com/articles/pf/07/draft_will.asp