What happens to my assets if I die without a will?

If an individual dies without a will in the state of Illinois, then their assets are handled according to the intestate succession laws. These laws outline the order of succession for assets when someone dies without a will. Generally, the assets will first be given to the surviving spouse, if one exists. If no surviving spouse exists, the assets are distributed to the decedent’s children. If there are no surviving children, the assets will be distributed to any surviving parents or siblings. If none of the above exist, then the assets will be distributed to other relatives in an order determined by the laws of intestate succession. The laws of intestate succession vary from state to state. In Illinois, if the decedent is survived by a spouse and children, the surviving spouse will receive the first $50,000 of the estate plus one-half of the remaining balance. The other half is given to the decedent’s children in equal shares. If the decedent is not survived by a spouse or children, then the assets are distributed to the decedent’s surviving parents or siblings. If none of these exist, then the assets are distributed to other relatives. Special situations may be handled differently. For example, if an individual dies without a will but owned real estate, the laws surrounding real estate will determine how the property will be handled. If an individual dies while in the process of creating a will, then the law may consider the unfinished will to be valid, depending on the circumstances. Therefore, it is important to speak with an estate planning attorney to make sure that your wishes are understood and respected after your death.

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What happens to my assets if I die without a will?

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