We often get asked what happens to your assets if you pass away without a Last Will or Trust? Many people assume their belongings will seamlessly transfer to their spouse or children, but that’s often not the case.
Without an estate plan in place, your estate is handled according to your state’s intestacy laws —which means state law (and the court) determines who receives your assets. This can lead to:
• Delays & Probate Costs – Your family may have to go through a lengthy and expensive court process.
• Unexpected Beneficiaries – State laws follow a strict order of inheritance, which may not align with your wishes. For example, if you are married with children in Illinois, the Illinois intestate statute provides that one-half (50%) of your estate is distributed to your spouse and the other one-half (50%) is distributed to your children.
• Guardianship Issues – If you have minor children, the court decides who will obtain guardianship and raise them, which may not be the person you would have selected.
Creating an estate plan is one of the simplest ways to protect your family, reduce stress for your loved ones, and ensure your wishes are honored.