What Happens if You Die Without a Will?

One half of all adults do not have a will (there are not statistics regarding out-dated wills).  The older we get, the more concerned we are with having this important document completed.  I'm guessing most of my readers have a will, but I would also guess that it may have been drafted many years ago when their children were minors and their wishes were different.

If you die without a will in Illinois, your assets will go to your closest relatives under state “intestate succession” laws. Here are some details about how intestate succession works in Illinois.

Which Assets Pass by Intestate Succession?

Material From Article Link: http://www.nolo.com/legal-encyclopedia/intestate-succession-illinois.html

Only assets that would have passed through your will are affected by intestate succession laws. Usually, that includes only assets that you own alone, in your own name.

Many valuable assets don’t go through your will, and aren’t affected by intestate succession laws. Here are some examples:

• property you’ve transferred to a living trust
• life insurance proceeds
• funds in an IRA, 401(k), or other retirement account
• securities held in a transfer-on-death account
• real estate held by a transfer-on-death deed
• payable-on-death bank accounts, or
• property you own with someone else in joint tenancy or tenancy by the entirety.

These assets will pass to the surviving co-owner or to the beneficiary you named, whether or not you have a will.

To learn more about these types of assets, go to the How to Avoid Probate section of Nolo.com or read about Avoiding Probate in Illinois.

The Spouse’s Share in Illinois

In Illinois, if you are married and you die without a will, what your spouse gets depends on whether or not you have living descendants -- children, grandchildren, or great-grandchildren. If you don’t, then your spouse inherits all of your intestate property. If you do, they and your spouse will share your intestate property 50/50.

Who Gets What in Illinois?

• children inherit everything

• spouse inherits everything

• spouse inherits 1/2 of your intestate property
• descendants inherit 1/2 of your intestate property

• parents inherit everything

• siblings inherit everything

• parents and siblings inherit your intestate property in equal shares except that if only one parent is living, that parent gets a double share

Please contact me if you need any help.

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