When it comes to thinking about or planning for death, most people initially shy away. However, developing a Will or Trust that outlines your wishes is one of the best gifts you can give to your extended family. Without your preferences detailed, your death could be the source of stress and confusion. Let us run down the two scenarios, giving you what could really happen if you don’t prepare.
If you have a Will or Trust
If you pass away and you have expressed your wishes for property and/or guardianship for minor children, and your beneficiary information is completed for your assets, your wishes will be carried out after your death. Your Will or Trust is a legal document that can provide survivors with details they need to know what property goes where and other concerns.
Your family or friends are relieved of the extra stress of working through a complicated legal system in the wake of your death because of your planning.
If you don’t have a Will or Trust
On the other hand, if you do not have a Will or Trust, proceedings after your death can become a bit more complicated. Illinois, as any other state, has a plan for naming an executor for your property and assets. This is called intestate succession.
In intestate succession, the State deems who inherits your property, assets, and even children. While there are rules and standards that provide the State with a list of interested parties (spouse, children, etc.), things can get a bit complicated without a Will or Trust.
In the case of minor children, intestate succession deems that the State provide a guardian for the children. The guardian works as efficiently and thoroughly as possible to gain insight into the lives of the children and chooses a permanent guardian to the best of their ability.
What to Do Next
Having an updated Will or Trust is an important task that your family and friends will appreciate. At Gandhi Selim Law, we know that you may be overwhelmed in planning your estate. We are ready to guide you through the process so that you can be confident that your affairs are in order.
“I love assisting my clients in estate planning,” says Attorney Rajvi Gandhi Selim. “It’s an important set of decisions, and after they make their wishes known and official, my clients are able to walk out feeling empowered that their wishes will be taken care of.”
No matter how old you are, estate planning is always a good idea. If you haven’t started your estate planning process, or if you haven’t updated your documents in a few years, give us a call for your free 30 minute consultation. We would be honored to walk alongside you as you get your affairs in order.