If I’m Single, Do I Still Need a Will?Share this post
If you die without a will, the court will follow the intestate succession laws to distribute your assets. In most jurisdictions, this means that your close relatives will become the new owners of your property. For single individuals, the parents, children, and siblings will be the recipients.
If none of them are alive, your assets will be distributed to your distant relatives, including aunts, uncles, and cousins. Under these legal provisions, friends and significant others will not receive a portion of your wealth. If you’re single and have no children, the parents will be the recipients of your estate.
If the parents are dead, the property will be shared equally among your siblings. In some cases, there are no surviving parents and siblings. In such situations, relatives from the mother’s side will receive 50% of the assets, and the remaining estate is distributed among the relatives of the father’s side.
For many people, their houses are the most valuable investments. If you’re single, you want to ensure you specify your preferred recipients. This is important, especially if you co-own the property with another person and would want them to be the sole owners when you die. Intestate succession may result in conflicts in your home.
However, depending on the co-ownership agreement, a will may not change the recipients of the property. If you hold the home in joint tenancy, the co-owner becomes the full owner after your death. In such cases, a will cannot be used to transfer ownership to another person. If you have questions or concerns about the ownership of your property when you die, contact Chicago estate planning attorneys.
Single Parents Also Need a Will
For many single parents, this is the last thing they would want to think about. There’s no doubt that creating a will is vital. Generally, if you’re single but have children, your children will receive all the assets.
If one of your children dies before you and has a child, their share will go to your grandchildren. Failure to create a will may make your children undergo difficult times when they need peace of mind as much as possible. In your will, you will identify the person you would want to be your children’s guardians.
This is crucial, especially if you have sole custody. Writing a will means your children will not end up in the hands of someone you wouldn’t want to look after them or foster care. The document allows you to leave your estate to anyone you want. If you would like your children to be the recipients, you will specify that in your will.
How Can Estate Planning Attorneys in Chicago Help?
Estate planning lawyers in Chicago will ensure your document conforms to all legal provisions. Although you can always use the internet to learn more about the relevant legal requirements for wills, you may not be sure if what you write conforms to the law. Chicago estate planning lawyers can clarify whether how you intend to distribute your possessions is in line with the law.
Ensure you only work with a reputable estate planning law firm Chicago. For example, a legal professional can advise on the legal requirements for sharing the assets among your children. You need a professional legal practitioner to confirm whether the content and manner your document was prepared met relevant legal requirements.
This will help to ensure your loved ones do not have a hard time dealing with other parties contesting the document when you die. A legal expert can help you to create a list of properties you can dispose of in your will.
Do you need help during estate planning from a reputable Chicago estate planning law firm? Anthony J. Madonia & Associates is here for you. Our team of attorneys is dedicated to helping you navigate through the process of creating a will.