What Are 4 Non-Negotiables You Should Have in Your Will?

 Posted on August 14, 2024 in Estate Planning

Creating a will is important in protecting your legacy and ensuring your final wishes are respected. While each will should be tailored to individual circumstances, each will should include four major areas. These non-negotiables form the foundation of a solid estate plan, and an Illinois lawyer can make sure they are strategically included in your plan.

The Importance of a Well-Crafted Will

A well-crafted will serves as a roadmap for your loved ones during a difficult time. It provides clear instructions on how to:

• Distribute your assets
• Care for your dependents
• Handle your final affairs

If you do not have a proper will, the state of Illinois will decide how to split up your belongings. This may not match what you would have wanted.

Four Non-Negotiable Elements for Your Will

1. Executor Appointment

The executor manages your estate after your passing. When choosing an executor:

• Name a trustworthy individual
• Consider naming an alternate executor as a backup
• Ensure your chosen executor is willing and able to serve

2. Asset Distribution Plan

Your will should clearly outline how you want your assets distributed. This includes:

• Identifying your assets (property, investments, personal items)
• Specifying who should receive each asset or group of assets
• Including a residuary clause to cover any overlooked assets

3. Guardian Designation for Minor Children

If you have children under 18, your will should name a guardian for them. Remember to:

• Name a primary guardian
• Designate an alternate guardian
• Consider separating guardianship of the person from guardianship of the estate

4. Specific Instructions and Powers

Your will should provide clear instructions and grant necessary powers:

• Give your executor the authority to manage your estate
• Include instructions for digital assets and online accounts
• Specify any funeral or burial preferences

Additional Considerations for Your Will

While these four elements are essential, your will may benefit from additional provisions based on your unique circumstances. These might include:

• Creation of trusts for beneficiaries with special needs
• Instructions for handling business interests
• Provisions for pets or cherished animals
• Charitable bequests or philanthropic goals

A will is not a one-size-fits-all document. It should reflect your personal wishes, family dynamics, and financial situation. Regular reviews and updates are crucial to ensure your will remains current and effective.

Get Help Creating Your Will with a Hyde Park, IL Estate Planning Lawyer

Estate planning can be confusing, and Illinois law has specific requirements for a valid will. Working with a Chatham, IL estate planning attorney, you can gain insight with these complexities and create a comprehensive plan that protects your interests and your loved ones. Call The Sherrod Law Firm, Ltd. at 312-321-6910 to schedule your free consultation so you can have some peace of mind for your family’s future.