Categories: WILLS AND TRUSTS

Understanding the Succession Plan for Your Will

Do you know how to leave your belongings in a way that ensures they will not be distributed the way you don’t want them distributed? The first place to start is with your will. There are many different ways people use wills, and not all of them accomplish what an owner might like for their property after death.

It’s less likely that you’ll be concerned about this because you’re young and healthy, but it could become an issue if something were to happen unexpectedly. What would happen if one day you weren’t able to make decisions anymore? Will everyone know exactly what to do regarding your possessions and assets?

Make Your Wishes Known In Your Will

Leaving a will is the only way to ensure your wishes are followed after death. In other words, who you want to handle your property after you pass away is something you can control when you prepare a will.

Although the process of preparing a valid will isn’t simple, it’s worth doing if you have enough assets to warrant one, according to any law offices in Illinois. If not, there are still steps you could take toward protecting your wishes for your property.

The Basics of Wills

When most people think about wills, they think about their homes or automobiles. However, this type of testament also includes other items like jewelry and personal belongings. Once included in a will, these things go directly to the beneficiaries named in the document.

Everything that was left out would be distributed through either intestate succession or through the state. If you have a will, there is no way anyone else will receive your belongings except in situations where a beneficiary dies before you do.

It is possible to name a contingent beneficiary, but this would only come into play if the person you wanted to receive your property before was not able to do so. The courts too have a say in all of this because they determine who receives what part of the estate.

Divorce and Wills

If you were legally married when preparing your will, the terms within it must be followed by all parties involved. If anyone wants out of the agreement after it’s been written, such as an ex-spouse or former boyfriend or girlfriend, there may be legal ramifications for them breaking their word.

This is why it’s critical that everyone agrees about how things should go over when one party dies. Because there can be disagreements among family members, it’s time to face all of this when preparing a will.

Call Bell Shah Law to Learn More About the Succession of Your Will

The importance of wills cannot be overstated because they are the only way to ensure that your wishes are followed after death is final. If you do not plan on writing one, make sure you at least discuss these issues with anyone close to you. It may seem like something you don’t need right now, but there is no better time than the present to make these plans for later. For more information on your will and how to set it upright, contact Bell Shah Law.

Bell & Shah

Recent Posts

How Do Businesses Change Hands After the Death of a Loved One?

Although nobody likes to think about their mortality, it’s important that they do. They have…

2 days ago

Outlining the Specifics of Power of Attorney

You have likely heard the term power of attorney, but you may not know exactly…

1 week ago

DIY Estate Planning vs. the Real Deal

Everyone likes to save money. There’s nothing wrong with that in a lot of cases.…

2 weeks ago

Squatter’s Law and Vacant Properties

Those who own property in Illinois should make sure they understand the ins and outs…

3 weeks ago

Can Property Lines Change Over Time?

Property law can be extremely confusing and often hinges on minor details. When it comes…

4 weeks ago

What Happens When a Family Member Contests a Will?

When a loved one passes away, the situation is already difficult enough. Any extra stress…

1 month ago