There are many tools that an individual can use to determine what happens to your money, home, and other property after you die, but a will is probably the most common and most vital. Even if you're young or your estate is modest, you should always have a legally valid will that is up-to-date. This is especially important if you have minor children because your will allows you to name a guardian for them.
Probably the greatest advantage of a will is that it allows you to avoid intestacy. That is, a will allows you to choose who will get your property rather than leaving it up to Illinois law. Illinois intestate succession law, for all practical purposes, provides a will for you if you die without one. In general, this "intestate will" distributes your property to your closest blood relatives in proportions dictated by law. However, the Illinois rules may not be what you would have wanted. Having a will also has other advantages, which include the possibility that your estate will owe fewer taxes and incur fewer expenses than it would if you had not created a valid will.
Mr. Nichelson is willing and able to help you develop a will that meets your needs and your goals. Many of our clients are concerned with the cost of drawing up a will, but frequently they are surprised at how reasonable the fees are. It is important to remember a properly drafted will may reduce or eliminate estate taxes as well as save on the expense of various administrative costs upon your death. These savings alone will far exceed the cost of a will.
An attorney charges for the time they spend preparing the will and will usually spend a few hours on the entire “process.” This process includes and initial meeting with the client to gather information and discuss needs, preparing the will, and meeting with you again to review, explain and execute the will. We will meet with you initially at no charge to discuss your needs and make recommendations.