A Will is simply a way for you to direct your loved ones in distributing your assets when you pass.
It will indicate who will care for your minor children, allow access to your digital assets (Facebook, email, digital storage etc.),
state whom you would like to inherit your favorite possessions and so much more.
If you're assets are under $100,000 having a Will allows your family to avoid a timely and sometimes expensive Probate matter with the courts
Be prepared and don't assume that if you pass without a Will your assets will go to your spouse or children.
If you pass and were married with children, the spouse will get ½ of the assets, while the children will split the remaining ½. If this is not what you intend, then you need a Will.
If both parents of a minor child die in Illinois, the courts may appoint a guardian of that minor child.
With a Will, you can state a preference for who that guardian will be, which the court will not lightly overturn.
A Will must be executed in accordance with the law and without seeking legal advice there are many laws that can be misunderstood, therefore your will could be nullified.
There are many types of Trusts. The main benefit of all Trusts is how they will keep your estate
(large assets such as your home, business or investments) separate from your Will after death.
A Trust can help those who are in danger of paying federal or state estate tax and you may be
able to use a Trust to avoid paying some or all of that tax.
If you have children with disabilities you may be able to create a Trust to enhance the quality of life for those children.
Putting your larger assets in Trust may help avoid a long and sometimes expensive Probate matter with the Courts.