Leaving behind a last will and testament is one of the easiest ways to ensure that your final wishes are honored. However, not everyone has a will and that lack of a will can complicate your loved ones’ ability to honor your final wishes over who inherits which parts of your estate. Here’s what your Illinois estate planning attorney wants you to understand about the inheritance process when someone passes away without a will.
Your Closest Relatives Will Inherit
Illinois courts will allow your closest relatives to inherit your property if you pass away without a will. If you leave behind a spouse, they’ll inherit your property first. If you’re unmarried and have children, your children will inherit the property. If you pass away without children or a spouse, your estate will go to the next closest surviving relative. This could be your parents, siblings, grandparents, or cousins.
The state will distribute your property to them whether you want your relatives to inherit your estate or not. This is because, without a will, the state has no way to verify who you wanted to inherit which parts of the estate.
Your Estate Could Go to the State
If you pass away without any living relatives, your estate could become the property of the state. They can use your assets however they see fit and may sell property as needed. If you’d hoped to leave your estate to a charity or close family friend but didn’t outline those wishes in a will and estate plan, the state will have no choice but to take possession of your property.
Why Creating a Will Is Beneficial
Leaving things up to chance and not creating a will and estate plan is one of the biggest mistakes you can make. With a will and a comprehensive estate plan in place, you’ll be able to specify your final wishes and name clear beneficiaries for each part of your estate. This takes the stress out of wondering who will inherit which aspects of your estate and makes it easier for you to leave property only to the people you want to.
How to Create an Estate Plan
Creating a will is a great place to start, but it’s just one aspect of a comprehensive estate plan that protects your interests. The sooner you create your plan, the better. Here are a few steps to take as you get started:
- Figure out your assets: Think about the assets that make up your estate and that you want to pass on to your loved ones. This may include investments, property, artwork, collectibles, and more.
- Work with an Illinois estate planning attorney: Once you know which assets you want to pass on, schedule a consultation with an estate planning attorney. They’ll help you organize everything and can help you create a legally enforceable plan that prioritizes your wishes.
- Review your plan often: Your estate plan should be a living document that you update as your situation changes. Review your plan at least once a year and make sure everything is up to date. If things change throughout the year, contact your estate planning attorney and let them know so you can update your plan more often.
- Update beneficiaries as needed: Situations can change and the people you want to leave specific assets to can change over time. For example, if you have a child, you may want to leave specific items to them. If you get divorced, you may need to update your beneficiaries to reflect that change. Review your beneficiaries at least once a year and make any changes as needed.
Let an Illinois Estate Planning Attorney Help
At Legacy & Life Law Firm, our team is proud to help individuals and families take care of their estates and protect their final wishes. Contact us today to schedule a free consultation and see how easy it can be to create a comprehensive estate plan that looks out for your best interests.