Legality of a Will
When looking into creating a will, there are certain terms and concepts that should be defined in order to understand what makes it a legal document that can be executed when you have departed this world. It is advisable that you not attempt to create a will without the help of a qualified will lawyer. The northwest suburbs Chicago lawyers from Bott & Associates, Ltd.are highly experienced in will creation and assist you in understanding the process and creating a will that bests fits the needs of you and your loved ones.
A Will Defined
A will is a legal document where the originator, known as a testator, writes down instructions as to the distribution of his or her property once they have died. There are different specifications in each state as to what makes a valid will, therefore a qualified will lawyer will know what is required in your state
Reasons to Create a Will
- You have control over what happens to your property after you die
- If you have minor children, you can select someone to take care of your children (a guardian) in the event you pass away.
- The probate process is expedited and there are less administrative costs to administer your estate if you have a will
- You can choose someone to be your executor — the person who will take care of your estate
- Having a will gives you a little piece of mind knowing you have taken steps to take care of your loved ones when you cannot do so yourself
Notarized or Witnessed Wills
In most states, your will must be witnessed by at least one competent person. Your will lawyer will direct you as to the requirements of your state.
Length of Time a Will is Valid
Your will is valid for as long as you say. You can revoke a will by destroying it or by creating a new will that says the old will is invalid.
There are ways to revoke certain sections of your will. For example, if you created a will while you were married and later divorced, gifts given to your first spouse named in the will are revoked. But, to be certain of the laws in your state, confirm the specifics with your attorney.
Wills vs Trusts
If you have minor children, you still need a will to name someone to raise them. A trust is usually created by people who are looking to save money on estate taxes and avoiding probate. Also, if there are assets not named in the trust, a will can be used to direct the property to the heirs you select.
Creating a Will
Using qualified attorneys, such as the team of experienced estate planning lawyers at Bott & Associates, Ltd., is critical as opposed to creating a will using an online company. Each state has specific requirements and the online option may not account for the statutes particular to your state. A will lawyer northwest suburbs Chicago clients recommend from our firm can also answer your estate-planning questions and concerns and help you with choosing your beneficiaries, etc.