If you do not have a lot of money or assets, you may be wondering why it is important for you to have a will. However, a will is not only for the rich. You do not have to be rich to feel that you have something of value. Perhaps it is a precious belonging that you want a certain person to have. If you do not have a will in place, you will not have a say in how things are managed once you are gone.
A will can be changed as your life changes. According to CNNMoney it is a good idea to review your will periodically, particularly if your marital status changes or if your family expands. It is also recommended that you review your named beneficiary on any retirement such as any IRA and 401 (k) accounts, as these will automatically be transferred upon your death. If your beneficiaries are deceased or no longer in your life, you want to ensure your assets transfer to those you care about most.
Even if you do not have material assets, a will is important if you have minor children. In your will, you can assure that your wishes for the guardianship of your children is clearly reflected.
Even if you have a trust, a will goes hand in hand with the trust. A trust will stipulate how assets are distributed and to whom; a will is still necessary in the event you have assets that were not placed in trust in order to determine how those assets are distributed upon your death.
Some people feel that they have plenty of time to address these matters. The thought of planning for one’s death does evoke happy thoughts. However, being prepared helps make the transition easier and smoother for those left behind. If you have questions about types of wills or if you are in need of a will, contact an Illinois Estate Planning attorney.