Over 50% of adult Americans don’t have a will. Young, healthy adults don’t expect to die soon. But for parents, dying without a will can result in problems for your family. And for single parents, dying without a will leaves your minor children vulnerable to the decisions of the court system.
When you die without a will, it’s called dying intestate. When someone in Illinois dies without a will, the state will determine how your assets will be distributed. Each state has its own probate laws, including who inherits what assets if someone dies intestate.
If you die without a will and are a single parent without a legal co-parent:
• the courts will decide who is guardian for your minor children
• the courts will decide who manages your estate – your money, your property, your possessions, your pets – everything you own
• the courts will charge probate fees to cover the administration of your estate, which means your children will inherit less money – and it will take longer to get it
An up-to-date will is the best way to protect your family and loved ones. A will is a legally binding document that makes life easier for your family after you die by explaining your decisions and legally make sure your wishes are carried out including:
• who you want to raise your children
• how you want your assets distributed
• who will manage your financial assets on behalf of your children
• identify any other beneficiaries such as step-children, nieces and nephews, or foster children
When you create a will, you take charge of your estate and choose how your estate will be distributed and who will take care of your minor children. A legally executed will guarantees your wishes are respected, and your children will be cared for by a guardian you trust.
Single parents have unique concerns in estate planning. Making a will doesn’t have to be difficult. Prepare for the future by contacting an experienced estate planning attorney at Estate & Probate Legal Group in Lombard Illinois at 630-800-0112.