It is common for individuals to avoid making plans for their death.
If you pass away without a Will, a probate judge will determine who administers your estate and how your property is distributed in accordance with Illinois statutes. Despite rules and procedures being followed, these decisions may not reflect your wishes. If you own real estate, there is a very real probability that the property will be sold at a dramatically undervalued price for a quick sale. It's also possible that whoever is appointed administrator may privately arrange such a sale to a friend who immediately flips the property without the court knowing about the secret arrangement.
Some scenarios are straightforward, such as a spouse inheriting everything if the married couple don't have children. However, things become more complicated for scenarios where there are siblings, aunts, uncles, or cousins who may share a portion of your property. It's possible that relatives you have never met or don't even like are awarded portions of your property based upon what the judge or court-appointment administrator seems fair to them.
For these reasons, it's always best to have a plan for your assets before it's too late.
There are several different types of documents that form an estate plan. Not all are required, but it is advised to at least have a valid Will.
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