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.
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 in place for the court to review.
Discuss your Needs with a Skilled Southern Illinois Probate Attorney Today
While it is critical to have a will, there are also a number of other estate planning tools that can help protect your family and your hard-earned assets. At the Lawler Brown Law Firm, we help individuals in and around Marion, IL and Carbondale, IL drafts wills, form trusts, and take other important steps to plan for the future. If you would like more information about our estate planning and probate services, call today at 618-993-2222.