The Importance of Having a Will in Your Estate Plan
A will is an essential part of any estate plan. Not only does it outline your final wishes and provide guidance for your loved ones, but it also helps avoid the lengthy and costly process of probate.
When a loved one passes away, the probate court must validate their will and distribute assets, which can take months or even years. To prevent this, having a will in place gives your loved ones clear instructions on how to handle your estate, providing them with much-needed peace of mind during a difficult time.
Intestacy is the legal term for when a person dies without a valid will. In this case, the state’s laws determine how the person’s assets are distributed. This process can be time-consuming and may result in assets being distributed in ways that the deceased may not have wanted. It is important to have a will in place to ensure your assets are distributed according to your wishes.
Why is a will important in an estate plan?
A last will is an important legal document that serves as a crucial component of your estate plan. It outlines your final wishes for the distribution of your assets after your death. Having a last will ensures that your property and possessions are distributed according to your specific preferences, rather than being subject to the default laws of the state.
It also provides the courts with clear instructions on how to carry out your final wishes, giving you peace of mind knowing that your loved ones will be taken care of. Without a last will, your assets may not be distributed as you intended, causing potential conflicts among your family members. Therefore, it is essential to have a last will to protect your final wishes and honor your legacy.
Drawbacks to Only Having a Will
When it comes to estate planning, having a will is just one piece of the puzzle. It is important to also consider other legal documents and strategies, such as trusts, power of attorney, and health care directives.
While you can utilize transfer on death instruments and have nothing left in your estate when you die, these documents are rigid, meaning that if something unforeseen happens, they make not work the way you want them to, and can kick someone off of their federal benefits, or end up back into the estate.
By including these elements in your estate plan, you can ensure that your wishes are properly carried out and that your loved ones are taken care of in the event of your incapacity or passing. Our law firm is dedicated to guiding you through the entire estate planning process and helping you create a comprehensive plan that meets your unique needs and goals.
What are Intestacy Laws?
What Happens If You Die Without a Will
Intestacy laws dictate asset distribution if you die without a will. Varying state laws can have unintended consequences, so a will is crucial to ensure your wishes are followed. Understand your state’s laws and create an estate plan to protect loved ones and ensure your assets are distributed as desired.
What are Illinois Intestacy Laws?
In the State of Illinois, if a deceased spouse had children, their surviving spouse is entitled to half of their estate.
The remaining half will be divided equally among the children. This applies whether or not the deceased had a will in place. It is important to have a will to ensure your assets are distributed according to your wishes, and to avoid added stress for loved ones.
What are Missouri’s Intestacy Laws?
According to Missouri’s statutes, if a spouse with children passes away without a will, their assets will be divided between the surviving spouse and children.
The spouse will receive their $20,000 exempt property allowance, $10,000 family allowance, and 1/2 of the remaining assets; while the children will receive the other 1/2.
Probate by the Numbers
6 – 12 Months
Average Probate Case
50%
People that die without a will
2 – 5%
