A Guide to Making Your Will
Direct Your Assets to the People and Causes You Care About Most
Creating a will or living trust is far more than just a legal process. It is an important way to extend your love, care and generosity to family and friends. It is also an excellent way to support the work of UChicago Medicine AdventHealth.
So why have 67% of U.S. adults not created a will?* Perhaps the whole thing seems too time-consuming, difficult or even mysterious. To overcome these obstacles, review this helpful guide that gives clear answers to the questions you may have.
Did you know? 67% of U.S. adults have not created a will.
*2021 Caring.com study
What Does a Will Do?
Only you know the special circumstances of your family members and heirs, so it is important to discuss these factors with your estate planning attorney. However some common functions of a will include:
- Names the executor or personal representative of your estate
- Gives your property to those you choose, including gifts to nonprofit organizations
- Sets up trusts to save on taxes and provide financial management
- Names a guardian for minor children, or caregivers for pets
- Ensures lifetime care for a child with a disability
- Sets guidelines for distributions if you and your spouse die at the same time
Gifts to Nonprofit Organizations
Creating a gift to Midwest Health Foundation can be as simple as a single sentence in your will or living trust. An example to discuss with your attorney is, “I give to Midwest Health Foundation, 120 N. Oak Street, Hinsdale, IL 60521, (the sum of $___ or ___ percent of the rest, residue and remainder of my estate/trust) for its general purposes.”
Your attorney may suggest other components. Be prepared to talk about these items so you can walk away with a document that accomplishes your wishes.
What Does a Will Overlook?
While a will covers the majority of your assets, there are things that must pass outside of a will. Examples include payouts from life insurance policies, proceeds of retirement accounts, financial accounts designated as payable or transfer on death or commercial annuities. Discuss with a financial professional which of your assets may need to be addressed independent of your will.
What Happens If You Do Not Have a Will?
If you die without a will, your estate will be divided according to laws in the state where you lived. The resulting transfer of assets may be very different from what you had wished. While certain family members will likely receive part of your estate, close friends or causes that you wanted to remember will not be included.
Good to Know
Be careful to store important papers where they are safe as well as reasonably accessible; do not put your original will or living trust in a bank’s safe-deposit box as it may be hard to access immediately after your passing.