Preparing a will is not a task that most people look forward to. For one, it brings into reality the possibility of not being here someday, and nobody really wants to think about that. Also, younger, healthy people may feel like they have all the time in the world to get it done. So it gets pushed off, and procrastinated and moved to the bottom of the to-do list over and over again. But when it comes to preparing that will, there is seriously no better time than right now. Here is why you should not put it off any longer.
Prepare a Will to Protect Your Children
As a parent, protecting your kids should be at the top of your list of priorities. If you can’t be here to care for them, a will allows you to specify who will take on that responsibility. Without a will, you lose that power, as the court system will decide for you.
Prepare a Will to Decide Who Gets What
Even if you don’t have a huge estate, you still want to have the final say in how it gets divided among those you care about. When you prepare a will, it will clearly state who gets your assets, property and even pets. Additionally, you can also indicate if there is any person (such as an ex) that you specifically do not want to inherit any part of your estate.
Prepare a Will to Choose Someone to Manage Your Estate
In your will, you have the option of naming an executor who is responsible for managing the distribution of your estate and carrying out your specific instructions. This should be someone you trust to responsibly wrap up the details of your estate, such as closing out accounts, paying final bills or debts, filing final income tax returns and more.
Prepare a Will to Keep Peace Within the Family
Unfortunately, the passing of a loved one can often lead to disagreements between family members. Everything from how assets should be distributed to who should be in charge of managing the estate can all come into question without specific instructions that are detailed in a will. Additionally, when no will has been prepared, your loved ones can be subjected to a more complicated, time-consuming and expensive process in probate court. When you prepare a detailed will, you can help eliminate or reduce undue stress and unnecessary disputes among family members and keep peace within the family.
Prepare a Will for Peace of Mind
Knowing that you have your affairs in order in case of the unexpected can lead to a great sense of comfort. When you prepare a will, you know that your family will be protected and your loved ones will not have a huge burden awaiting them.
We Are Estate Planning Experts
The team at Churchill, Quinn, Richtman & Hamilton, Ltd has decades of experience helping our community members prepare their estate and plan for the future security of their loved ones. From will preparation to probate and trust administration, we can help you develop an estate plan that works for your specific needs. Contact our Grayslake office today at 847-223-1500 to schedule a consultation.