How Can a Will Save Your Family Money in the Future?

 Posted on January 19, 2024 in Estate Planning / Probate

Having a will in place can end up saving your family a significant amount of time, stress, and money when you pass away. At the same time, it may seem too much to think about, but getting your affairs in order now can make a big difference for your loved ones later. An Illinois estate planning lawyer can guide you on how creating a will can help your family money down the road.

Avoids the Costs of Dying Intestate

If you die without a will, the state gets to decide how to distribute your assets. This is called dying intestate. When this happens, the court appoints an administrator who must go through a long legal process to determine your heirs and parcel out your property and finances. This legal supervision comes at a significant cost, with administrator fees and court costs claiming a chunk of your estate. A will lets you direct your assets as you see fit, avoiding this bureaucratic money drain.

Prevents Family Disputes

With clear instructions in place, family members can avoid fighting over who gets what from your estate. These disputes can rage on for months or even years, requiring hearings and mediation to get through. Unnecessary attorney fees can add up for your family. A detailed will makes your wishes clear, greatly reducing the potential for fights down the line.

Enables Tax Planning

An estate planning attorney can help structure your will to take advantage of available exemptions and minimize state and federal taxes. Tactics like establishing trusts or gifting assets while you’re still alive can reduce tax liability after you have passed. The correct tax planning can save your heirs thousands in unnecessary taxes - but you need a customized will to take full advantage.

Avoids Probate Court

In addition to taxes, your estate must go through probate court after you die to get distributed. The court supervises this entire process, from submitting your will to the final asset distribution. Attorney’s fees, accounting costs, appraisal fees, court charges, and more drain value with every step. Your attorney can include provisions in your will, like establishing a living trust, that allow your estate to skip this cumbersome court process. That saves a piece of your estate for your family rather than the legal system.

Contact a Kane County, IL Estate Planning Attorney

The small act of creating a will now protects your family and finances in the future. Do not leave expensive burdens on your loved ones. Make sure everything is in order with a professional will from a DuPage County, IL estate planning lawyer. Call DLAW, PC at 331-222-7978 for a free consultation.