Your last will and testament provides your instructions for both your tangible estate and for your minor children. The will may both give specific instructions and designate the people who will carry out your wishes. Here are some of the important things that need to be included in a will.
Your will designates an executor, who is a trusted person that will carry out the administrative functions of the estate. The executor may file the probate paperwork and deal with creditors who have claims against the estate. The executor could also sell the estate’s property and distribute the assets to the beneficiaries. The will may contain specific grants of authority to the executor and instructions for how they should do their job.
The will also divides the property among the beneficiaries. It will have specific instructions about who receives what property. In addition, the will could also make specific bequests, either to individuals or a charity. Bequests could be specific, general, or residual.
If there are minor children, the will would contain provisions about who would be their guardian. There could also be instructions about how they are to be raised, including directives about education and religious upbringing.
Wills could also have survivorship provisions that could take effect if one of the beneficiaries dies before you do. If that person dies before you do, the property may go to someone else.
An experienced attorney could help you ensure that your will is properly drafted with all the necessary provisions to help your family when the time comes.
Call a Lincolnshire Estate Planning Attorney Today
The attorneys at Charles T. Newland & Associates can work with your family on a comprehensive estate plan that suits your needs. To learn more, you can send us a message online or call us at 847.797.9300.