Taking the time to think about what happens to your assets can be unnerving, but it can also be an important question to consider. If you do pass away without a proper estate plan in place, you won’t get a choice in what happens to your assets, instead the law will decide, which may not align with your wishes
Each state has its own various rules for how they may end up dividing your estate. Understanding these laws and how they work can help you to take control of your legacy and ensure your wishes are respected.
What to understand
When a person dies without an estate plan or will, their estate goes through a legal process called intestate succession. This means that state laws will be what determines who inherits their property. In Illinois, this process would start with the surviving spouse and children, If the individual doesn’t have a spouse or children, the estate may be given to parents or siblings, in some cases it can end up in the hands of distant relatives.
With intestate succession, complications can arise, especially in blended families or situations where there are no close relatives. Whether it’s unmarried partners, stepchildren or even close friends, in most cases they aren’t entitled to anything unless named in specific legal documents; this can lead to unexpected and unwanted outcomes.
By creating an estate plan, you’re creating the best way to ensure your assets go to the people you choose. It allows you to make clear decisions like:
- Distribution of your property
- guardianship of your minor children
- Healthcare decisions
- Numerous other matters relating to your estate
Without a proper estate plan in place, you leave these choices in the hands of courts, which can end up causing unnecessary stress for your loved ones.
Planning for the future can help to give you peace of mind and ensures your loved ones are taken care of in accordance to your wishes. To avoid uncertainty and potential complications, consider seeking legal guidance to help create an estate plan that reflects your wishes. Taking this simple step now can help to provide peace of mind.
