Each state has laws that determine what happens to everything you own when you die. Different states have laws that may differ significantly. The state of Illinois has a different approach when it comes to who receives your assets when you pass away as compared to our bordering states, such as Iowa. If there is not an estate plan or a Will in place, this is the default order in which your assets are usually passed down in Illinois:
- If you are married and have children, your spouse will receive half of your assets, and the other half will be split between your children.
- If you are married but have no children, your spouse will receive all of your assets.
- If you are not married but have children, your assets will be split among your children. If one of your children is deceased, their children will receive their share of your assets.
- If you are not married and do not have children, your assets will be divided evenly between your parents and siblings.
- If you have only one living parent, that parent will receive a double share of your assets.
- If one of your siblings is deceased, their children will receive their share of your assets.
- If you have no living parents or siblings, your assets will be divided evenly between the next of kin on each side of your family.
- Within these laws, half-siblings may count as whole siblings, and adopted children are generally treated as children. Foster children who are not legally adopted do not generally receive assets.
This may seem complicated and even confusing, but the best way to ensure your assets get distributed the way you want is to have a comprehensive estate plan, including a Will. Contact us today to begin the process of setting yours up.