What a Will Can and Can't Accomplish

 Posted on November 14, 2012 in Estate Execution

A will is a guideline for your loved ones and, sometimes, the state where you live to fulfill your last wishes on earth.  It is up to you to maintain those wishes in a legal document otherwise they could be decided for you by the state that you live in.  The states desire to come as close as possible to the deceased last requests, yet their generalized approach often leaves something to be desired.  In order to regain control over these last plans, it is integral to draft a will.

But what is the scope of a will?  What does it do and what is outside of its grasp?  The main goal of a will is to distribute property to family, friends, and other beneficiaries.  There are certain restrictions that vary from state to state, which is why it is essential to review these documents with an experienced estate planning professional.  For example, there are certain restrictions on property that falls of a probate estate, like joint property.

There are also opportunities in wills to protect the beneficiaries of your estate.  A trust can be set up to assist a surviving family member with things like college tuition with the knowledge that these assets will be managed by a third party, protected from creditors, and also be subjected to minimal amount of taxes.  There are other benefits that can be had from setting up a will.

The guardianship of children can be settled to allow them to be cared for without the help by court supervision.  A will can also appoint an executor, who acts as a third-party who runs the distribution of the estate to your loved ones.  If you are interested in any of these uses of a will, then you need to make sure you have a current will.  If you have a will, take this opportunity to review it and make sure it still matches with your wishes.  Contact an experienced estate planning attorney in DuPage County to secure your family's future and establish your last wishes today.