If you do not have a will when you die, your personal property, real estate, and other assets will be passed to your surviving relatives by the state’s succession laws. This does not determine which individuals inherit assets, which can make splitting the estate more complex. A will is an estate planning tool that can give you significant control over what happens to your estate. A Bloomington estate planning attorney can help you draft a will.
Intestate succession laws pass your estate to your surviving family members, beginning with a surviving spouse and descendants and passing to other relatives as necessary. Even when intestate succession laws follow your wishes, it can benefit your family significantly to have a will. Intestate laws could potentially change, and a will can speed up the probate process. Some estate plans can even avoid the probate process entirely.
Intestate Succession in Bloomington
Once an estate’s creditor claims have been addressed, the remaining property is split between surviving family members. Your spouse and your descendants are the first individuals who will receive your estate under intestate succession laws. Descendants include legal children, grandchildren, and great-grandchildren, as well as biological and adopted descendants. These inheritance situations include:
- Your spouse and descendants each inherit half of your entire estate. Your descendants inherit per stirpes, meaning that each child inherits an equal portion. If a child is deceased and has descendants of their own, their portion is split between their descendants, and this pattern continues through all your descendants.
- Your spouse inherits the entire estate if you have no living descendants.
- Your descendants inherit everything if you have no surviving spouse.
If you are not survived by a spouse and have no legal descendants, your estate passes to your relatives in the following order:
- The entire estate passes to surviving parents and siblings in equal parts. If one parent is deceased, the other parent gets both parental shares. If a sibling is deceased, their descendants inherit their potion per stirpes.
- If none of the above relatives survived the deceased, it passes to the surviving grandparents. Half the estate passes to maternal grandparents in equal parts, to one surviving maternal grandparent, or to their descendants per stirpes, and half the estate to the paternal grandparents in the same manner. If only one side of the family’s grandparent(s) survived, the entire estate passes to them.
- If none of the above survive, the estate passes to surviving great-grandparents. This inheritance passes to material and/or paternal great-grandparents in the same manner as it would pass to grandparents.
- If none of these relatives survive, the entire estate passes to the nearest kindred, including whole or half-blood relatives, to the deceased in equal parts without representation.
When there are no known relatives, spouses, or kindred, the entire estate passes to the county and state. The deceased’s real estate is passed to the county where the property is located, and the deceased’s personal property passes to the state as unclaimed property. This is uncommon, but it can happen.
The Benefits of Making a Will
Making a will allows you to name your beneficiaries and an executor to administer your estate. You can list which one of your loved ones inherits assets in your estate and name any causes you wish to support. Instead of the court assigning someone to administer your estate by the state’s rules, you have control over what happens. You can also avoid the potential of your estate becoming state property.
Some people believe that if they do not have significant assets, they do not need an estate plan. An estate plan can benefit anyone with any assets. Probate can take significant time, and it takes longer with no valid estate plan. By limiting or avoiding the probate process with an estate plan, you can save your family time and money, ensuring they get the maximum benefits from your estate.
FAQs
Q: What Is the Order of Heirs in Illinois?
A: The order of heirs in Illinois is the line of inheritance depending on which family members survive you. The first basic steps of this inheritance line are:
- Surviving spouses and descendants each inherit half of your estate.
- If you only have a surviving spouse and no descendants, or only surviving descendants and no surviving spouse, they inherit everything in your estate.
- If you have no surviving spouse or descendants, your estate is split between your surviving parents and siblings.
Q: Who Becomes the Executor of an Estate Without a Will in Illinois?
A: If you die without a will in Illinois, the court will assign a personal representative to be the executor of your estate. Typically, an individual will request to serve as the personal administrator when the petition for the probate process begins. It could be a family member, a professional, or a friend.
If no one requests permission to serve as the estate’s administrator, the court will determine who is qualified for this responsibility.
Q: What Is the Slayer Rule in Illinois?
A: The Slayer Rule in Illinois is the informal name of the state law that prevents someone who intentionally caused the death of the deceased from inheriting from the deceased’s estate. The individual has to have intentionally and unjustifiably caused the death of this person. They are barred from receiving property, benefits, or interests that result from the death. This includes anything they would have received as a(n):
- Heir
- Beneficiary
- Joint tenant
- Legatee
- Survivor
- Appointee
Q: Can an Estate Be Settled Without Probate in Illinois?
A: Yes, an estate could be settled without probate in Illinois, although it must meet certain small estate requirements, or the deceased must have completed estate planning measures to avoid probate. A small estate affidavit can be used for estates under a certain value to bypass probate court. Estate planning tools can avoid probate, such as:
- Accounts with beneficiary designations
- Trusts that pass assets to beneficiaries
- Property with transfer on death designations or owned jointly
- Accounts payable on death designations
Contact Stange Law Firm
Creating a will is beneficial, but these benefits only exist if the probate court can enforce a will’s validity. Working with a Bloomington, Illinois estate planning lawyer can help you create a legally valid will. Contact Stange Law Firm today.
