What to Do When Planning Your Estate

What to Do When Planning Your EstateMaking a Will:

If you are 18 and sound of mind, you can make a valid will in many states. To make it official, the will must be in writing and signed by the owner of the will at the end of the document. It is also possible that someone else can sign the will for you if directed by you and in your presence. There also must be two signatures from witnesses on the will, also signed in your presence.

Wills are mainly used for distributing property, choosing a guardian for your children, and naming an executor to manage the validity of your will and to distribute your property after your death.

A codicil is an addition to your will. To change your will, you must make a new will that will replace or revoke the old one, which is a codicil. Many events can cause you to consider changing your will to better fit the new situation. Some of these events include: marriage, divorce, birth of adoption of a child, new property, or moving to a new state.

To fully understand all of the details of making a will, an estate planning lawyer can help you.

 

Dying Without a Will:

In many states, if you die without will, your assets will be divided among members of your immediate family. If you are married with no children, your entire estate will go to your spouse. If you have a spouse and at least one child or grandchild, who is also your spouse’s descendant, the first $60,000 of your estate other than home entitlements, and also one half of the remaining estate will go to your spouse and the other half will be divided between your children, grandchildren, and great-grandchildren.

If you would like to create a will to be sure your estate goes to the right people, contact an Illinois estate planning attorney. The Gierach Law Firm can help you with your estate planning needs.