When Should You Get a Will?

A will is one of the most important legal documents you can have, yet many people delay creating one. If you have significant assets, a blended family, or a professional license, having a comprehensive estate plan is essential to protect your legacy and your loved ones. Here’s when you should consider getting a will.

When Should You Get a Will?

1. You’ve Accumulated Significant Wealth

If you have a high net worth, your estate may be subject to federal and Illinois estate taxes. A will ensures that your wealth is distributed according to your wishes while minimizing potential tax burdens. Without a will, the state determines who inherits your assets, which may not align with your intentions.

2. You Have a Blended Family

Estate planning for blended families can be complex. If you have children from previous relationships, a will allows you to specify how your assets should be divided to ensure fair and intended distribution. Without a will, Illinois intestacy laws may allocate assets in a way that does not reflect your family dynamics.

3. You’re a Licensed Professional or Business Owner

Doctors, lawyers, accountants, and other licensed professionals often have unique estate planning needs. A will can help protect your business interests, designate successors, and ensure a smooth transition of ownership or control in the event of your passing.

4. You Recently Got Married or Divorced

Marriage and divorce significantly impact estate plans. A new marriage may change your intended beneficiaries, while a divorce could require updates to prevent an ex-spouse from inheriting your assets. A will ensures that your current wishes are legally recognized.

5. You Have Minor Children

If you have young children, a will allows you to name a guardian who will care for them in the event of your passing. Without a will, the court will decide who assumes guardianship, which may not align with your preferences.

6. You Want to Leave a Charitable Legacy

For those who wish to leave part of their estate to charity, a will ensures that your philanthropic goals are met. Without a clear directive, charitable giving may not be carried out according to your wishes.

Don’t Wait to Protect Your Legacy

Life is unpredictable, and having a will in place provides peace of mind that your assets and loved ones are protected. If you’re a high-net-worth individual, part of a blended family, or a licensed professional in Illinois, now is the time to create or update your will.

Contact our office today to start your estate planning journey and ensure your legacy is secured for the future.