While a large part of your will is about who will inherit your possessions, those are not the only things that you could include in the document. A Libertyville estate planning lawyer could help you figure out what should be in your will.
Every will has someone who is tasked with managing the estate. They will pay off the debts, close down accounts and make sure that tax returns are filed. You should select someone who you trust with the necessary skill to serve as an executor.
The most obvious function of a will is to bestow your property on your beneficiaries. This would include things like your financial account and real estate, but it would not include accounts like life insurance and retirement accounts where you have named beneficiaries. The will gives specific instructions about who gets your assets and how they should be divided.
Guardianship of Your Children
Your will states who would be given guardianship of the children if something were to happen to both you and the other parent. It would also specify any conditions on how they are to be raised. The court will make the final decision about the children, but they would likely consider your wishes when making a ruling.
This is an absolute requirement for every will. You need an explicit statement that this is your last will and testament setting forth your wishes. You need to leave no mistake that this is a will, or else the court will not enforce it.
Libertyville Estate Planning Attorneys
Not only should you have a will, but you should have an experienced estate planning attorney help you. Contact the attorneys at Charles T. Newland and Associates online or call us at (847) 797-9300 to discuss your estate plan.