BETTENDORF, Iowa (KWQC) -Fewer of us are writing wills according to recent surveys which suggests Americans are worrying less about mortality as the pandemic fades. A downturn in wills is usually bad news for survivors.
If you die without a will, you are “intestate,” and a probate court will apply the intestacy laws of the state where you reside to determine how to distribute your property among your next of kin which creates heartache and stress on family members that are already grieving.
Heidi Huiskamp Collins states that more than 62% of Americans do not have a will or trust. The division of estates when there is no will or trust varies widely depending on the state in which one lives.
If you die without a will in Illinois, your estate will be distributed to your closest relatives based on the state’s intestacy succession laws. This segment explains the family implications such as
The basics: someone has a spouse and/or children. If you die without a will, 100% will go to a spouse–if there are no children. But if you have both a spouse and children, 50% goes to the spouse and the kids divide the rest.If there is no spouse and there are living children, the kids divide the estate equally.What happens when there is no spouse or children? If you have parents and siblings, all will equally share. If there are no parents or siblings–it can go to children or grandchildren of siblings. What about significant others? Illinois does not recognize common law marriage, if there is no marriage, no inheritance. What if there are no relatives? The state of Illinois gets everything.
Huiskamp Collins Investments is located at 2209 Falcon Avenue, Bettendorf.
For more information, visit the firm online at or call 563-949-4705.
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Publish date : 2024-08-13 17:16:00
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