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Lombard estate planning attorneysThe very idea of estate planning can be frightening for many people, as it is not easy to confront the realization that nobody lives forever. Drafting an estate plan that includes a will, trusts, and other documents requires you to look past the end of your own life. While the difficulties associated with estate planning are understandable, it is critical to have an estate plan. If you were to die without a will or other estate plans, most of your property would probably be subject to the intestate succession laws of Illinois.

What Does “Intestate” Mean?

A particular asset is deemed to be “intestate” if there is no direction specified for how the asset will be disposed of following the owner’s death. Jointly owned property is not usually intestate because the ownership of the joint property will generally transfer to the other owner or owners. Likewise, an investment account that has named beneficiaries or a transfer-on-death clause is not an intestate asset. The named beneficiaries will receive the funds in that account when you die. However, if you are the sole owner of an asset and you have not established legally enforceable instructions on handling the asset upon your death, the asset will be treated as intestate property.

Intestate Succession Laws

The laws governing intestate succession in Illinois are contained in the Illinois Probate Act. Intestate property allocation will depend on your specific circumstances, including your surviving spouse, any children, and other family members. Intestate succession can become extremely complicated, however, as the law provides for a wide variety of possible situations.

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