LAST WILL AND TESTAMENT

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LAST WILL & TESTAMENT…

A Last Will and Testament Distributes Your Property to Your Spouse and Children After Your Death.

WHAT IS A LAST WILL AND TESTAMENT?

A last will and testament, commonly referred to as a will, is a legal document that outlines your final wishes regarding the distribution of your assets, the appointment of guardians for minor children, and the nomination of an executor to manage your estate after your death. A will designates how you want your property distributed upon your death: who gets the home, who gets the cars, who gets the bank accounts, who takes care of the children, etc.

WHY DO YOU NEED A LAST WILL AND TESTAMENT?

Here are some key aspects and reasons why someone may want to create a last will and testament:

  1. Peace of Mind and Clarity: By having a will in place, you gain peace of mind knowing that your wishes will be respected and your loved ones will be provided for after your passing. It eliminates uncertainty and potential disagreements among family members, providing clarity and guidance during an emotionally challenging time.
  2. Asset Distribution: A will allows you to specify how your assets, such as property, money, investments, and personal belongings, should be distributed among your chosen beneficiaries after your death. It ensures that your wishes are legally recognized and followed, minimizing potential conflicts among family members.
  3. Personalized Funeral and Burial Instructions: A will can include instructions regarding your funeral arrangements, burial preferences, or any other specific wishes you may have concerning your final rites. This ensures that your loved ones are aware of your preferences and can honor them accordingly.
  4. Executor Appointment: In a will, you can appoint an executor, who is responsible for administering your estate according to your wishes. The executor’s duties may include settling outstanding debts, paying taxes, distributing assets, and handling legal formalities. Choosing a trusted person or a professional executor can ensure that your estate is managed efficiently.
  5. Guardianship of Minor Children: For parents with dependent children, a will is crucial as it enables you to nominate a guardian who will assume parental responsibilities if both parents pass away. By naming a guardian in your will, you have a say in who will provide care, support, and guidance to your children.
  6. Minimizing Intestacy Laws: Intestacy laws come into effect if someone passes away without a valid will. These laws determine how assets will be distributed based on a predetermined legal framework, which may not align with your specific wishes. Creating a will allows you to bypass intestacy laws and have control over the distribution of your assets.

Failure to execute a valid Will renders you “intestate” and allows the probate judge to select the executor of your estate (technically called an “administrator”). Your property is then distributed according to Illinois probate law and not necessarily as you would have desired. For example, your spouse would only receive 1/2 of the estate and your children would receive the other 1/2.  You may not want that. You may want 100% to go to your surviving spouse.  With a Last Will and Testament, you can distribute your property according to your wishes – not the State of Illinois’ wishes.

Advanced estate planning today can give you peace of mind – knowing that if something catastrophic were to happen to you, your family would be protected by your property being distributed according to your wishes. The Schaller Law Firm can give you peace of mind by drafting a Last Will and Testament.

Questions You Should Ask About Last Will and Testament…

Q1: Does divorce affect a prior drafted Will?

Q2: What happens if I die without a Will?

Q3: Can I name a guardian for my minor children?

Q4: How can I distribute gifts to a charity?

Q5: What if your not married to your partner?

Q6: How do I revise or revoke my prior Will and make changes?

Q7: How can I avoid the high cost of the probate process?

Take the Next Step …

Step 1

Contact attorney Bob Schaller and schedule a FREE consultation. Zoom conference or in-office conferencing is available. Identify the how you want your property distributed.

Step 2

The Schaller Law Firm drafts the Last Will and Testament, and any other estate planning documents requested.

Step 3

Attorney Schaller reviews the draft estate planning documents with you and makes any necessary changes. Then, your estate planning documents are signed, witnessed, and notarized.

Step 4

You keep your original “Last Will and Testament” in a safe place, like a lockable metal box or drawer in your home, safe-deposit box, or other place you store valuable papers and jewelry.  A copy can be retained by the Schaller Law Firm for safe keeping.

Step 5

Celebrate knowing your estate planning documents are completed. Enjoy the peace of mind knowing your wishes will be implemented.

Complicated? You bet.

You should have an estate planning attorney on your side. Tap into Attorney Schaller’s 37+ years of legal experience. He wrote the book on client satisfaction.

FREE consultation!  Start protecting yourself and your family with a complete estate plan. Call to schedule your appointment, request an appointment through the Contact Us page, or book an appointment with the convenient online booking system.

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