What is a Will?
A Will, also known as a Last Will and Testament, is a legally enforceable declaration of how a person wants their property and assets distributed after death. In a Will, a person can also recommend a guardian for their minor children and make provisions for any surviving pets. A Will is an important component of estate planning. A Will ensures that the persons wishes are carried out and can make decision making easier for their surviving loved ones. If an individual dies without a Will, the distribution of their property is left up to the controlling states intestate distribution laws and in some cases may even end up becoming state property. The format of Wills varies, but most follow a fairly uniform layout.
If I Have children, how does a Will help in caring for them?
Will proper drafting, a Will can provide for the care of minor children if no parents survive, by designating a guardian of your choice to care for your minor children and even a trustee to manage the assets left for them until they reach a mature and responsible age, which may not be when they turn 18 years old. Who should be the guardian(s) of your minor children and/or trustee to manage your assets on their behalf is a critical decision that should be made carefully. When making arrangements for surviving children who are young, many parents choose to hold property for children in a trust until the children reach a certain age. Often parents choose to release asests to the control of their children in stages (for example: 1/3 at age 21, 1/2 at age 28, and the rest at age 32) so that their children responsibly manage those assets and don’t squander them. There are a variety of ways to distribute assets to and Windy City Wills and Trusts can help you design a plan that works best for you.
Key Takeaways of a Will:
- A Will prevents loved ones from having to guess how you want your assets to be distributed.
- A Will provides stress relief from the situation to your loved ones
- A Will provides you and your loved ones with much needed peace of mind.
- A Will can designate the persons of your choice to care for your minor children in the event you and the mother or father of your children pass away.
What are the Pros of a Will?
- Your wishes are made known and memorialized in writing.
- A properly drafted will can help you to avoid certain taxes.
What are the Cons of a Will?
- A Will takes more time and money to implement than a Trust because generally the Will must be submitted to a Probate Court for approval. This process adds court costs and attorney fees.
- The probate process makes the terms of the Will public knowledge.
Michael LaCava
Attorney // LaCava Law Firm, LLC
Born in Illinois and raised in Florida, Real Estate and Estate Planning Attorney Michael LaCava graduated from the University of Florida, Levin College of Law in 2013. During school and thereafter, Michael gained valuable experience in the areas of Criminal Law, Personal Injury, Family Law, Real Estate Law, and Labor and Employment.
In 2015, Michael resettled in Illinois with his family, and shortly thereafter founded LaCava Law Firm, LLC, and began serving the Fox Valley area and surrounding Chicagoland. In a short time, Michael earned an excellent reputation for his thoroughness, knowledge, accessibility, and professionalism.
Different in many ways from a typical attorney, Michael prides himself on his responsiveness, attention to detail, and the close relationships that he shares with his clients and other referring professionals. Specializing in estate planning and real estate transactions, Michael has successfully helped over a thousand clients with their needs.
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LaCava Law Firm, LLC is dedicated to providing affordable, responsive, and personal service to each client.
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