Illinois has particular laws about inheritance. Your assets will pass along to your heirs according to intestate succession when you pass away.
Without an estate plan, your assets are at risk of mismanagement. Continue reading to learn more about how you can protect your legacy and ensure your loved ones receive the inheritance they deserve.
Illinois intestate laws
According to the Illinois General Assembly, once the individual’s estate resolves all claims, their assets will distribute in the following manner:
- The surviving spouse and children of the decedent receive one-half of the assets. A common misconception is that the deceased’s spouse receives all the assets. If the decedent has one surviving descendent, they have a claim to the inheritance under Illinois law.
- With no surviving spouse, the children receive the total share of the decedent’s assets. The opposite is true if the deceased has no surviving children.
- With no surviving spouse or children, the estate passes to the surviving parents, brothers, sisters or descendants of a brother or sister in equal amounts.
The importance of estate plans
To avoid leaving the passing of your estate to the courts, you should draft an estate plan. It is never too early to start. Once you begin accumulating assets, you should consult with an attorney about drafting a will or creating a living trust. If you neglect to do this, your loved ones may not receive the share you believe they deserve.
Creating an estate plan is not reserved for the elderly and sick. You cannot predict what life will bring you, and if you become incapacitated, you might not have control over the passing of your estate.
