August is National Make a Will Month and now is as good a time as ever to remind you to create a will, or review an existing one, if you haven’t already. A will is one of the most important legal documents to your name in life, which means you should never die without a will. It outlines which pieces of property you want to distribute and to whom. It also explains your final wishes, such as who will become guardian of your minor children, should you have any at the time of your death.
What Does it Mean to Die Intestate?
Under Illinois law, if you die intestate (without a will), your property will be transferred to family members. If no known relatives can be found, your property will be transferred to the state. Intestacy laws of Illinois prevent unmarried partners or friends from receiving your property because they have no legal claim to it.
Property That Does Not Pass Through Intestacy Laws
Illinois does not pass any of the following property through intestacy laws should you die without a will:
- Life Insurance Proceeds
- IRA, 401(K), and Other Retirement Accounts
- Transfer-on-death Accounts
- Pay-on-death Bank Accounts
- Property Transferred to a Trust
- Joint Property
Who Inherits My Property If I Die Without a Will?
During National Make a Will Month, its good to consider that should you die without a will in Illinois, your property will be distributed using the following:
- You have children and no spouse: your children inherit the property in equal amounts
- You have a spouse and no children: your spouse inherits the property via your estate
- You have a spouse and children: your spouse inherits half of the property and the children receive the other half divided into equal shares
- You have surviving parents, but no spouse, siblings, or children: your parents inherit your property
- You have surviving siblings, but no parents, spouse, or children: your siblings inherit your property
- You have surviving parents and siblings: your parents and siblings inherit the property in equal amounts (if you have only one surviving parent, that parent receives a double share of the property)
- You have surviving grandparents, but no parents, siblings, spouse, or children: your grandparents receive the property in equal amounts
Speak to a will and trust attorney today about creating a will to protect your financial interests and heirs.
Why You Need to Speak to a Will and Trust Attorney
Realizing you are living without a valid will brings a lot of stress and worry, especially if you have children. You should speak to a will and trust attorney because they will be able to ensure the following:
- That your property is protected
- That you are protected against losses due to divorce, bankruptcy, disability, lawsuits, probate tax, nursing home expenses, and other financial liabilities
- That your healthcare decisions are outlined and expressed correctly prior to an illness or your death
- Protect your financial health should you become incapacitated for any reason
- Decisions about the end of your life should you become terminally ill
- Outline how your property will be distributed upon your death
- Healthcare directives should you become incapacitated
Areas in Which We Assist Clients
Our Oak Brook estate planning attorney can help clients in the following areas:
- Estate planning
- Probate
- Power of attorney
- Estate litigation
- Wills and trusts
- Guardianship
- Elder law
Call an Oak Brook Estate Planning Attorney Today
August is National Make a Will Month. Do you have questions about creating a will? Are you ready to create a will or make updates to a current will? The Oak Brook estate planning attorney at the Estate & Probate Legal Group can answer all of your questions and walk you through the process. Call our office at 630-864-5835, or submit our contact form to schedule an appointment today. We serve clients in Cook, DuPage, Kane, Lake and Will Counties.
