Serving Waukegan, Libertyville, Lake County, Gurnee & nearby areas of Illinois
Most people know that they need a will. Regrettably, very few do anything about it. Let’s look at some of the consequences for your family and loved ones if you pass away without a proper estate plan:
- If you have children under the age of 18, you lose control over who becomes their guardian. They could become wards of the state or end up in the custody of a relative you would not have chosen. What kind of home would they have?
- Your assets go into probate. Estate taxes, legal fees and court costs will significantly erode the value of your assets.
- Your assets might not be distributed the way you would have wanted.
- You lose control over who the executor is and might wind up with a person who does not care about the best interests of your heirs.
- A charitable organization that you might want to support with your estate plan will get nothing if you do not have a will.