Besides giving your family a roadmap of what to do and how to do it, estate planning with a trust, and funding it properly, can usually prevent your estate from entering a lengthy probate process.
In Illinois, if you have any assets worth more than $100,000 and do not have an estate plan, the court system will determine how to allocate and distribute what you have (for a fee).
Without clear direction on who you want to take care of your kids and what to do with your assets, a judge will try to guess what you wanted and what is in the best interests of your children.
For the distribution of your assets, the judge will follow the plan that the politicians in Illinois made for everyone called the laws of intestate succession (the laws that apply when you pass away without a will).
It’s important to note that an estate plan doesn’t just ensure your assets go where you want them to – but that they don’t end up where you don’t want them to be. This can include other “technical” heirs who you wouldn’t want to have access to your assets or children.
That’s why it is imperative to contact our team of estate planning attorneys at Diamond Estate Planning Law today.