How should I distribute my assets if I don't have a will?

If you don’t have a will in place and you reside in Illinois, your assets will be distributed according to the state’s laws of intestacy. The state of Illinois has established a certain order of priority for distributing assets when there is no will. First, the remaining spouse of the deceased if there is one will receive the decedent’s entire estate. However, if the decedent had descendants (children, grandchildren, etc.) then the surviving spouse will receive a share of the estate known as the “elective share” plus 1/3 of the rest of the estate. The remaining 2/3 of the estate is then divided among the descendants. If there are no descendants then the surviving spouse will receive the entire estate. If the decedent was not married, then the estate will be distributed to his/her children and grandchildren or their descendants if they are deceded. If there are no children or grandchildren, then the next closest living relative will be considered and so on. If you want to make sure that your assets are distributed according to your wishes, it’s important to have a valid will in place. A will can help to ensure that any property, assets and debts are handled according to your wishes while minimizing the potential for disputes between the beneficiaries. Consulting with an estate planning attorney in Illinois can help ensure that your wishes are properly reflected in your will.

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How should I distribute my assets if I don't have a will?

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