Putting together a will is an important process for individuals in Illinois as they grow older, but it can also be a complicated one. Although thinking about death is not typically appealing, individuals would be wise to make clear their wishes regarding their care and assets. Here are a couple of tips for navigating the will creation process confidently.
A rundown on the ins and outs of wills
Developing a will is an important move for anyone who owns an asset, no matter what his or her age might be. Assets range from personal items, such as family heirlooms, to cash in the bank, investments and real estate. The purpose of a will is to outline how a person’s assets will be distributed upon his or her death. For parents, this document is also where they may name the parties they would like to rear their children if they end up dying prematurely.
Typically, assets like IRAs and insurance policies are not included in wills, however. This is because these assets can transfer to named beneficiaries or joint owners directly. Other assets that fall under this category include a joint investment account or bank account.
Seeking professional help and support
Because the process of creating wills can be confusing, hiring an estate planning attorney in Illinois is a wise move. An attorney can help asset owners to ensure that their assets end up in the proper hands when they pass away. In addition, an experienced estate planning lawyer can help individuals to update their existing wills to reflect recent life changes, such as the birth of a child. An attorney will focus on making sure that a client’s choices and values are communicated effectively in a document that complies with applicable laws.