What happens to your estate after you pass away? The outcome of your estate can be determined by your will. However, you may not want to draft a will. This can lead to issues for your loved ones.
Dying without a will is called dying intestate. Here is what you should know about it:
What happens if you die without one?
Typically, an estate is managed by an executor. An executor is named in a will. The role of the executor is to disperse assets to beneficiaries according to the instructions left in a will.
When you have no will and you die intestate, your loved ones do not know how you want your estate to be handled. As a result, the state may be responsible for managing your assets during probate court.
The state does not know how you want your assets to be distributed. The state can appoint an administrator of your estate. The administrator is responsible for distributing assets to heirs according to Illinois’s intestate succession laws. An heir is often your closest living relative, including a spouse, children, siblings or parents.
In Illinois, a spouse may inherit everything if there are no children. However, a spouse may only inherit half of the estate if there are children and the descendants can inherit the other half of the estate. There are several other ways assets may be distributed during intestacy.
Intestacy can create issues for loved ones during the distribution process. They may not inherit the entire estate during intestacy. Your estate may be subject to debt collection and estate taxes without a will. You can learn more about the dangers of intestate and how to draft a will by reaching out to professional legal guidance.
