When someone dies without an estate plan, their family members can be left facing confusion, financial stress, and time-consuming legal procedures. When someone has a thorough estate plan, their wishes are made known, and the process of transferring assets to beneficiaries is much more streamlined. Without an estate plan, the probate laws determine what happens to a deceased person’s assets. Our knowledgeable Oak Park, IL estate planning lawyer can explain how what is known as “intestate succession” works when someone dies without an estate plan, and how to avoid the probate process.
Who Inherits in Illinois If There Is No Will?
If you die without a will or trust, the Illinois Probate Act of 1975 governs how your probatable assets and accounts will be distributed. This is called “intestate succession,” and it follows a strict legal formula based on your relationship to the decedent.