We all know we need to have “our Wills” in place, but what does that really mean?
Many of my clients come to me confused and unsure what they need, as there is a lot of information out there. Here are some of the various types of Wills and its purpose.
A Last Will and Testament
A Will designates a person to manage and distribute your estate in accordance with your wishes. A Will also nominates Guardians over the person and estate of minor children. Without a Will in place, the court will determine who will care for your young children, if the surviving parent is unable or unfit to do so. Wills can be very basic or more complex, depending on the client’s needs and wishes.
A Living Will
A Living Will also called an Advanced Directive, states your end of life decisions. This is more commonly referred to as the wishes of when to “pull the plug” on life support.
This is something that should not be overlooked, as it can be helpful and alleviate the heavy burden on family members when tasked with making these difficult decisions.
An Ethical Will
Sometimes clients would like to leave more than just a document naming their Executors or Guardians. An Ethical Will is where you leave information about your experiences, lessons, and stories that were meaningful to you throughout your lifetime in a document to share with your loved ones after you pass.
Where to start?
For those a little “gun shy” about the process, I recommend meeting with an estate-planning attorney who can review your needs, provide more information, and make recommendations that are suitable.
Cindy Campbell is a family attorney in Naperville and Oak Brook, who focuses on various issues, such as estate planning, guardianships, and collaborative family law. Find out more at ckcampbell.com.
