A will is a legally binding document that determines what happens to your assets after you pass on. This estate planning tool requires you to make serious decisions that directly impact your loved ones. Below, get an overview of basic facts everyone should know about drafting a will.

FAQ About Writing a Will

What do I need to include in my will?

It's more than a question of “who gets what.” You can also name a guardian to care for minor children and designate a person to manage the minor’s assets until they reach adulthood. Lastly, you should designate an executor. This is the person who ensures your wishes are carried out as outlined in the will.

What is required to make a will legally binding?

To be valid in the state of Illinois, your will must be signed by you in front of two witnesses. Witnesses must then sign the will in your presence. The document does not need to be notarized. To ensure your will covers critical aspects of estate planning and is legally valid, hire a lawyer.

What happens if I don't have a will?

If you pass on without a will, state laws determine questions of inheritance. In Illinois, this starts with your closest relatives, namely your spouse and children. If you are single with no kids, your assets go to your parents or grandchildren. The list continues to cover increasingly distant relations like cousins. If no relatives can be found, your property goes to the state.

Can I change my will?

Yes. You may revoke or amend this estate planning document whenever and however many times you want, but you must destroy the old document. When you make a new will, include a clause noting that the old one is no longer valid.

For assistance with your estate planning in Waterloo, IL, turn to Larry J. Keller Attorney at Law. This attorney brings more than 30 years of experience to the table and is respected for his knowledge and clear communication. Learn more about his legal services online. To schedule an appointment, call the law firm at (618) 939-8999.