Benefits of a Will

Most people have heard of a last will and testament, commonly known as simply a will. This is a legal document that, when properly executed, dictates what will happen to your property after you pass away. While it is never comfortable or enjoyable to think about your death, having a will can have many benefits for your family after they lose you. The following are only some of the major benefits of a will: Naming your Executor An executor – also called a personal representative – will be in charge of administering and closing your estate. This role requires many steps, including filing your will,1 taking inventory of your assets, managing your accounts and bills until the estate is closed, satisfying your debts, notifying beneficiaries, and distributing your property according to your wishes. Since this is a big and important job, you want to be able to select the person with this responsibility and you will do so in your will. Taking Inventory of Property After you die, people may not be aware of some of your assets and possessions, including heirlooms, jewelry, items in a safe deposit box, and more. A will allows you to list your assets so that your executor will know they exist following your death and will be able to locate them. Naming Beneficiaries If you die without a will, the probate court will distribute your property according to Illinois law2 and your wishes will not be considered. To make sure that the people you want get the property and assets that you want them to, you will need to have a valid will...

Southern Illinois Benefits Of Making a Will

Making a Will gives you the opportunity to order your affairs before your death. We all have a natural reluctance to contemplate our own death, but it is one thing in life that is guaranteed. If you don’t leave a Will then the law will step in and a rigid set of rules, known as the Intestacy Rules[1], will dictate what happens to your property and your money.  There are many benefits to making a Will including: Providing Financial Security for Loved Ones: In most cases, a Will is the most effective way of ensuring that those closest to you are adequately provided for after you have gone. It gives important peace of mind not only to you but also your nearest and dearest who will know that steps have been taken to provide them with the financial security they will require.  This is particularly important for unmarried couples as their relationship will not be recognized by the Intestacy Rules which apply when someone dies without leaving a valid Will. Appointing Guardians for your Children: If you have young children and want to provide appropriate care for them after your death this is an important reason to make a Will. Choosing your Executors: A Will enables you to decide who will be responsible for administering your affairs after your death and who will be responsible for making sure your wishes are carried out. This means that you get to choose people who you know will be suitable and who are likely to best represent your wishes. Executors are responsible for administering the estate, including the distribution of personal effects...