Have you ever wondered when to create a will? It’s a common question but the answer isn’t always straightforward. At Crosby Law Firm, we understand that thinking about writing a will can be uncomfortable for many people. But having one is crucial for protecting your loved ones and ensuring your wishes are carried out after you’re gone.
In this article, we’ll dive into when and why you should create a will, and how to go about the process in Illinois.
When To Create a Will
The best time to make a will is once you become a legal adult and turn 18 years old. The second best time is after going through a significant life event. In other words, right now is probably a good time to start, especially if you have assets or dependents.
Many people think wills are only for the elderly or the wealthy. That’s not true and in fact, there’s no “right” age to write a will. There’s also no monetary milestone you have to reach before you start the process.
The average life expectancy of men and women in the U.S. is about 77 years, according to the CDC. That might seem like plenty of time to create a will, but the reality is, time can fly by without us noticing. The sooner you start planning for the future, the more secure your loved ones will be.
Major Life Events to Consider
If you haven’t written a will yet, certain milestones can happen in your life that might prompt you to get started. If you do already have one, these same events might encourage you to update your will.
Some examples of major events include:
- Getting married
- Having children
- Having a grandchild
- Buying a house
- Starting a business
- Receiving an inheritance
- Going through a divorce
- Buying or selling large assets
- Your financial situation changes dramatically
- Your chosen executor or beneficiaries pass away
- Tax laws change
Why Do You Need a Will?
Creating a will isn’t just about distributing your assets. Even if you’re young and healthy, having a will gives you peace of mind and protects your loved ones from potential legal headaches. It also allows you to take control of your legacy.
Here are some key reasons to have a will:
- You decide who gets your assets, not the state.
- You can name a guardian for minor children.
- You can leave specific instructions for pet care.
- You can donate to charities or causes you care about.
- You can reduce potential conflicts over your estate between family members and beneficiaries.
- You can potentially lower estate taxes.
- You own real estate or a family heirloom you want to ensure stays in the family.
- You have a dangerous profession or you’re in the military.
How To Create a Will in Illinois
Creating a will doesn’t have to be complicated, but it does require careful planning and attention to detail. Here’s a step-by-step guide for creating a will in the state of Illinois:
- List Your Assets: Start by taking a complete inventory of your assets and what you want to put in your will. This might include property, bank accounts, investments, and personal belongings.
- Choose Beneficiaries: Think about who you want to inherit your assets. This could include relatives, friends, or charitable organizations.
- Choose an Executor: This person will be responsible for carrying out the instructions in your will and estate plan. Choose someone trustworthy and capable and talk to them about the role before appointing them.
- Add Special Instructions: Think about any specific wishes you have, such as funeral arrangements or care for pets.
- Set Up Care for Children: If you have minor children, decide who you would like to take on the responsibility of raising them should something happen to you and/or your partner. You should also select an adult to oversee minor children’s assets or any inheritance that goes to young adults.
- Hire an Attorney: Working with a qualified attorney can help ensure your will is legally sound and truly reflects your wishes.
- Sign and Witness: In Illinois, your will must be signed by you and two credible witnesses to be legally valid.
Do You Need a Lawyer for a Will?
While it’s possible to create a will without a lawyer, working with an experienced attorney can offer several benefits:
- Helping you understand complex legal terms and requirements
- Advising you on estate planning tax strategies
- Addressing unique family situations or complex assets
- Helping you understand how outstanding debt can impact your estate
- Updating your will as your life circumstances or tax laws change
- Ensuring your will is legally valid and clearly written
It’s essential to make sure your will meets all legal requirements. Failing to adhere to specific state guidelines can lead a court to rule that your will is invalid.
Dying without a valid will is considered dying intestate. In this case, assets typically go to the nearest relatives of the deceased instead of beneficiaries named in the will.
Create Your Will With Help From Crosby Law Firm
At Crosby Law Firm, we understand that creating a will is a personal and sometimes emotional process. Our wills and trusts attorneys in Rockford, IL, are here to guide you through every step of the process.
When you choose to work with our law firm, here’s what we bring to the table:
- 150 Years of Combined Legal Experience: Our team has the knowledge and skill to handle even the most complex wills and estates.
- Local Roots: We are a part of the Rockford, IL, community. We understand the unique needs of clients in Illinois and local and state laws.
- Personalized Assistance: We treat every client as an individual, providing tailored advice and solutions.
- Compassionate Approach: We know estate planning and writing a will can be difficult. We handle every situation with care, compassion, and understanding while focusing on protecting your best interests.
Creating a will is one of the most important steps you can take to protect your loved ones and secure your legacy. Don’t wait for the “right time—” the time is now.
Contact Crosby Law Firm today for a free initial consultation with one of our experienced attorneys. Let us help you create a will that gives you peace of mind and ensures your wishes are honored. We can also help you set up a living trust and other estate planning documents.
