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The Legal Pad of Richard Magnone |
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The Legal Pad of Richard Magnone
this month: How the State of Illinois Intestate
Succession Law Determines the Distribution of Your Assets if
You Die Without a Will!
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INTESTACY IS BAD! If you die without a will, your estate will pass to your relatives based upon a set of laws determined by the legislature of the State of Illinois and embodied in the state's probate code. Click here to see the text of the Illinois Intestacy Statute In most cases, the choices made for you by the legislature will not be in line with your needs or desires. Here is an example of how your estate will be distributed according to Illinois law in the event that you die with a spouse, a child and without a will: "ILLINOIS CITIZEN" ARTICLE I I am now married to SPOUSE CITIZEN and have one child, namely: CHILD CITIZEN. ARTICLE I I I intend that my estate is distributed as follows: I give, devise and bequeath one half of my entire estate, both real and personal, to my spouse, if said spouse is living at the time of my death and one half of my entire estate to be divided equally among any children I have living at the time of my death or the then living descendants of my children, per stirpes. In the event that my spouse predeceases me, then I leave my entire estate to be divided equally among any children I have living at the time of my death or the then living descendants of my children, per stirpes. ARTICLE III In the event that any of my children are minors, it is my intention that the Probate Court of the county in which I live open a minor's guardian estate to administer the property of my minor child. I wish that all of the court fees and guardian's expenses be paid out of my child's share of the estate. I wish that the court, rather than myself, decide the identity of the guardian of my child's property. It is further my wish that upon reaching age 18, my child be given the entire guardian estate outright with no restrictions or limits to be spent as my child sees fit without regard to my child's educational needs nor my child's health and welfare. ARTICLE IV It is my wish that I do not choose any person to administer and act as personal representative of my estate. Instead, it is my wish that any person who has attained age 18, is not of unsound mind, not adjudged disabled, and not convicted a felon may act as executor. This person may be nominated, subject to court approval, by my spouse, if alive, or if not, to anyone entitled to take under this will, but with a preference toward the nomination made by any of my children. It is my desire, rather than waiving the surety bond requirement via a will, that the administrator pay an insurance company for a bond in the amount of one and one half times the value of my estate. ARTICLE V I do not wish to set up any estate planning vehicles such as testamentary trusts and it is my desire that if my estate exceeds 625,000, that any amounts over that amount not distributed to my spouse be taxed by the Federal government at a tax rate as high as 55%. THE MORAL OF THE STORY Please, even if you do no estate planning: get a will!
The law of the State of Illinois does not require that you
have a will, but it is wise to have one prepared so that you
can be assured as to what will happen after you die. The
"Will" above illustrates just a few of the provisions of the
Illinois intestacy rules which may have adverse consequences
on your family or which may be against your wishes. A well
drafted will, drawn by a professional, with your careful
consideration as to your property can assure that your
wishes are followed. You can have certainty that your assets
are received by persons of your choice and that the
responsibility of administering your estate falls with a
person or institution you trust. Please do not rely upon
this will as a form will for the State of Illinois nor as a
document to use in preparing your estate plan! DISCLAIMER This website is intended to supply general information to the public. Although the information is generally accurate, it cannot be guaranteed. The nature of Legislation is that laws change quickly, and visitors should always insure that legal information is accurate before relying on it. The above information applies the law of the State of Illinois. The law in your jurisdiction may be different. This information is necessarily brief and may or may not apply to your situation. In all cases, PLEASE, consult a lawyer before acting. This website is not intended to be advertising, solicitation, or legal advice. Thus, the reader should not consider this information to be an invitation for an attorney-client relationship, should not rely on information provided herein, and should always seek the advice of competent counsel in the reader's state. |