You may create a will or trust with the best intentions, only to forget to update it after opening a new bank account, purchasing property or receiving an inheritance. This can lead to uncertainty and even conflict among your loved ones when it comes to distributing the assets in your estate.
Assets that you haven’t accounted for in your estate plan don’t just vanish. They will be distributed according to the state’s intestacy laws, which may not reflect your true wishes. Under Illinois law, probate assets not included in a will or trust will go to your closest relatives in a specific order, starting with your spouse and children and then your extended family, if necessary.
How can you avoid such an outcome?
The best way to ensure that all your assets are handled as you want is to keep your estate plan up to date. Revisit it regularly, especially after major life events or notable changes in your estate and ensure everything is current.
You can also use legal tools to avoid overlooked property from being distributed according to intestacy laws. For instance, you can create a pour-over will, which directs any assets not listed in your estate plan to be transferred into it after your death. Similarly, including a residuary clause in your will ensures that any property you didn’t specifically name still goes to a designated beneficiary.
If you’re unsure whether everything you own is properly included in your estate plan, you’re not alone. It’s easy to miss something, especially as your life and finances change over time. Seeking legal assistance can help you identify what you may have overlooked, update outdated documents and protect your loved ones from confusion or disputes later on.
