Things to think about for your will: who gets your stuff?

Wednesday’s daily focus: Estates, Wills, Trusts, and Probate Law

This is the second part of a five-part series on preparing your will, and factors you’ll need to consider.

Probably the biggest advantage for doing a will is that you can say who gets your assets when you die, and how much, and (maybe) on what condition.

If you don’t do a will in Illinois, state law will determine who gets your assets according to a strict formula that gives your assets and possessions to your closest relatives.

So, when planning to do your will, think about two things: (1) do you have any specific items that you’d like someone in particular to have? For instance, a family heirloom that you’d like to go to someone who will appreciate it and care for it? Or, are there people to whom you want to give a particular amount of money, or a gift to recognize their importance to you? (2) aside from any specific gifts (whether particular items or gifts of money to particular people), how would you like the rest of your estate distributed?

Each person’s priorities with these questions are different. Some people want to recognize lots of people with specific gifts in their will, and others prefer to leave their entire estate to one person. Still others want to combine some specific gifts to some people, and leave a good portion of their estate to one person, or perhaps a charity.

All of these options are available to you when you do your will. Without a will, the law dictates who gets your assets, regardless of what you might have wanted.

For any questions you may have about doing your will or factors you need to consider, askthelawyer@yourpersonallawyer.com

Talk Like A Lawyer

Holographic will: a will that is entirely in the handwriting of the signer

Closing Argument

“He who can take advice is sometimes superior to him who can give it.” — Karl Ludwig von Knebel

Do you have a legal question? askthelawyer@yourpersonallawyer.com

Jonathan Dixon is an attorney in Chicago and the principal of the Law Offices of Jonathan Dixon, P.C. , practicing in the areas of real estate law, landlord/tenant law, condo law, small business and corporate law, probate law, estate planning (including wills, trust, powers of attorney, and living wills), and divorce and family law. Jonathan Dixon’s practice is limited to Illinois, and chiefly to the Chicago area.

In the area of estates, wills, trusts, and probate law, Jonathan Dixon represents probate estates and works with executors and administrators of estates; Jonathan Dixon also helps clients with estate planning that is appropriate for the needs of each client, including preparing wills, trusts, health care powers of attorney, property powers of attorney, and living wills.

The information provided in this blog is intended for informational purposes, and is not intended as legal advice, and does not create an attorney-client relationship with Jonathan Dixon or the Law Offices of Jonathan Dixon, P.C. If you have a legal question or would like to consult with Jonathan Dixon about your specific legal needs, please call (312) 217-0321 or email askthelawyer@yourpersonallawyer.com.