Do I Need a Will?

The short answer: Yes, in most cases.

Here we'll discuss who needs a will drafted immediately, and who can justify waiting.

First, what is a will, and what is its purpose? Generally speaking, a will is a legal document that expresses your final wishes, instructs how your assets are to be distributed upon your death, and appoints a guardian for your minor children.

When you pass away and have a will, the instructions contained in your will will be followed, your property and assets will be distributed according to your wishes, and your minor children will be cared for accordingly.

In the event that you pass away without a will then State law will govern the distribution of your property and assets. This is known as "dying intestate". Generally, your spouse and children will inherit your property and assets, but, depending on your specific circumstances, that may not necessarily be true. In a process known as "Probate" the Court will oversee and administer the distribution of your property and assets in accordance with State law. As one can imagine, where there are no specific instructions to follow, this can lead to much frustration and conflict among your family members, heirs and individuals asserting a claim against the decedent's estate.

Alright, so now that we have explained the basic purpose of a will, who needs one?

Generally speaking, if you have anything of real value you need a will. You would certainly like to be in control of where your assets and property end up upon your death. And, of course, you would like to avoid having your heirs ruin their relationships by fighting over your assets.

If you are married you need a will. You want to ensure that your spouse is not only provided for, but does not have to endure any unnecessary stress or difficulty that comes with dying intestate.

If you remarried you need a will, or review your previously drafted will. You may unintentionally be leaving your property and assets to your ex-spouse.

If you have children you need a will. You will want to ensure that your minor children are taken care of and a guardian is appointed. You may also want a specific scheme with respect to the distribution of your property and assets among several children and your spouse. Likewise, you may even want to limit or exclude a child(ren) from inheriting as well. Without a will the Court will decide who gets what.

If you are single but have a positive net worth, then you need a will (and trust).

If you are single, have no children, own no property, have no assets, then you most likely can wait for the time being.

How do you create a will? Because drafting a will depends on an individual's specific circumstances and estate, you should meet with an attorney who can help answer all of your questions and assist you with the best possible advice. Once you have a plan in place your attorney will be able to draft a will, (and possibly a trust), that is appropriate for your specific situation. In this manner, you will have taken control over these important decisions and spared your family and heirs the possibility of conflict over the distribution of your estate.

LANGFITT LAW, LLC

1320 Tower Road, Suite 103

Schaumburg, Illinois 60173

847-301-4250

www.langfittlaw.com