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Representing Sellers and Buyers of Homes and Other Real Estate Wills, Trusts, Living Trusts, Powers of Attorney and Other Estate Planning Law Offices of James B. Spina, Ltd. Experience Counts Serving the Chicago Metropolitan Area since 1979 |
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THOUGHTS ON A BASIC WILL A simple will can cover the estate planning needs of many people. Properly drawn, a basic will can be effective in a wide variety of circumstances. These are some thoughts you might consider in making such a Will. Of course, they are no substitute for sound legal advice based on your personal needs. PROBATE IS OFTEN UNNECESSARY. Just having a Will does not mean that it will end up in probate court. Most Wills are never probated. However, no one knows what the future holds. For example, your Will identifies the people you trust to take care of your children regardless of weather a probate estate is filed or not. If your estate must be probated, a carefully-drawn Will can greatly reduce costs and leave more of your estate for your family. PLAN FOR SPOUSE AND CHILDREN. For those who are married, husband and wife should both have wills. The possibility of future children should be considered whether or not you are married or intend to have children. Planning with an open mind can ensure that your wishes are carried out no matter what happens. EXECUTORS. The executor of your estate is the person who carries out the wishes expressed in your Will. Married couples often name each other as their first choice for executor. Alternative executors should also be named, in case your first choice cannot serve. Avoid the appointment of co-executors whenever possible. It can result in difficulties and added cost, such as in the case of disagreements between them.
GUARDIANS.
It is important to decide who will take care of your children if neither
spouse survives. You should try to name at least two people for each
position. If one can not do the job, there will be another person to take
his or her place. You should try to choose people you would trust with
everything your children own. As with executors, it is usually best to avoid
co-guardians. COMMON PLANS. A typical Will might leave all to the surviving spouse. If neither spouse survives, all could go to the surviving children. In the unlikely situation that neither spouse nor any children survive, all might be left to the parents or to their descendants, or to the grandchildren. The division of assets is commonly expressed by percentage, or parts of the whole estate. SPECIFIC GIFTS. It is often best not to leave specific items to people. You hope it will be a long time before a Will takes effect, and you may no longer have those items. It might be preferable to allow beneficiaries to divide personal property by agreement. If you should choose to designate items in your Will, each must be specifically described so it can be identified with certainty. The more exact the description, the better. SEE YOUR LAWYER. Discuss your wishes with your James B. Spina. He can advise you, not only on the ways available to carry out your intentions, but how to keep costs to a minimum.
DO IT NOW.
The most important thing about a Will is to have one. By taking care of this
important obligation you will no longer have to worry about leaving your
loved ones with unnecessary heartache and expense. 708-647-1900 |
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______________________________________________________ ALL INFORMATION ON THIS WEBSITE IS EDUCATIONAL IN NATURE. IT IS NOT LEGAL ADVICE IN ANY RESPECT. CONTACT YOUR ATTORNEY FOR ADVICE SPECIFIC TO YOUR NEEDS.
______________________________________________________ Some of the communities served: Homewood, Flossmoor, Matteson, Lynwood, Olympia Fields, Glenwood, Park Forest, Richton Park, Lansing, Sauk Village, Beecher, Chicago Heights, South Chicago Heights, Steger, Country Club Hills, Tinley Park, Hazel Crest, East Hazel Crest, Thornton, Crete, Monee, Peotone, Markham, Calumet City, University Park, Wilmington, Manhattan, Calumet Park, Dixmoor, Dolton, Harvey, Phoenix, South Holland, Ford Heights, Robbins, Chicago, Illinois
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