The Importance of Creating a Will & What Happens if You Don't
No one wants to think about their passing, but it's essential to prepare for the future. One way to do this is by creating a will. A will ensures that your assets are distributed according to your wishes after you pass away. Unfortunately, many people put off making a will, thinking they have plenty of time. But what happens if you don't get around to it? In this blog post, we'll explore the consequences of not having a will and how an attorney can help.
If you die without a will, your assets will be distributed according to state law. This means that the state determines who receives your property and how much they get. The distribution may not align with your wishes or your family's needs. For example, if you have children from a previous marriage, they may not receive anything under state law. Additionally, without a will, there is no guarantee that your assets will go to the people you intended.
Your estate may also go through probate court if you don't have a will. Probate is the legal process of settling an estate after someone passes away. During probate, the court oversees the payment of debts and taxes and distributes assets according to state law or the deceased's wishes if they had a valid will in place.
An attorney can help you create a valid and legally binding will that ensures your assets are distributed according to your wishes after you pass away. They can guide you through the process of identifying and valuing all of your assets and deciding who should receive them. An attorney can also help minimize any potential tax liabilities associated with transferring assets.
At VW Law, we offer comprehensive estate planning services including will drafting and creation services for Naperville and Chicago residents. Our experienced team will work closely with clients to develop personalized plans that reflect their unique circumstances and goals. Whether you're just starting to think about creating a will or need to update an existing one, our team can help.
Creating a will is an essential part of planning for the future. If you don't have a will, your assets may be distributed according to state law, which may not align with your wishes or your family's needs. Additionally, without a will, your estate may go through probate court, which can be time-consuming and expensive. An attorney can help ensure that your assets are distributed according to your wishes and minimize any potential tax liabilities. At VW Law, we're committed to helping Naperville and Chicago residents create comprehensive estate plans that protect their assets and their loved ones.
