Illinois Wills, Trusts and Estate Planning: What You Should Know
In Illinois, it is very important to have a proper plan in place for your estate. If you do not designate the beneficiaries of your estate while you are alive, when you die, your estate will have to be probated and your property will be divided using a statutory formula that takes into account the relatives you have left behind. If you have a spouse and children, your spouse will receive 50% of your estate and the other 50% will be divided between your children. If you only have a spouse, your spouse will receive everything. If you have children and no living spouse, your children will receive your estate in equal shares. The formula also addresses how your estate will be divided if you do not have a spouse or children.