For many, the thought of writing their own will can be daunting and for good reason. Many don’t know what to say, and, more often than not, most people won’t want to ponder their own death.
Nevertheless, writing a will is necessary, especially in various situations. Read on for more information about what a will is, when you should consider writing one, and what will happen if you pass on before your will is complete.
What Is a Will?
There are generally two parties, sometimes three, involved in the composition of a will. These three people are you, your executor, and your attorney. You, the person writing the will, are the testator. You are the one who determines how your estate will be divided after you’re gone. The executor is the person or institution that will delegate your plan as you have set forth. Lastly, your lawyer makes sure that your will is in compliance with the laws of your state and also customizes your will to fit your specific situation. Your wills and trusts lawyer in Moline, IL, also ensures you have witnesses to your will; otherwise, your will cannot be considered legally valid.
What Is Considered Part of an Estate?
Your estate doesn’t have to be large, expensive items, although they can be. Your estate can be as simple as the money in your bank account, household items, and general possessions.
What Happens If You Die Without Having Made a Will?
If you fail to write a will before you pass away, your estate will become subject to the state and its laws. A stranger to you and your family will be named “administrator” and will perform the function of an executor. Because this person will be an outsider to you and your family, your loved ones may be unhappy with the decisions that are made under his or her administration.
When Should You Write a Will?
You can write a valid will at 18 years old. Other times you might consider writing a will include:
- After a home purchase
- After starting a business
- After having children
- After getting married or divorced
- After you’ve gathered assets
- During old age or amidst health issues
All in all, writing a will may likely save your friends and family a lot of headache down the road. It may be wise to start seeking a wills and trusts lawyer in Moline, IL, and to begin thinking about the delegations of your estate before it is too late.
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