Healthy young adults typically expect to live a very long time. This is why few of them consider estate planning. Unfortunately, accidents happen every day and young people die without a will or trust to let their loved ones know what to do with their assets. If they have children, they may not have documented who they would like to serve as guardian. When this happens, Probate Laws in Chicago come into play.
Assets and Debts
Probate laws dictate which debts get paid first and when there aren’t enough assets in the estate to pay all of the bills, how much gets paid to each creditor. If there are any assets left after all debts have been paid, probate law determines what happens to those assets. Assets may be distributed to the decedent’s spouse or children if they have them. If they don’t, assets may be distributed among other relatives.
Some assets pass directly to heirs without passing through probate. Those include funds in bank accounts, retirement accounts, and life insurance policies. The entire probate process could be avoided by creating a living trust. With a living trust, assets can be distributed directly to the named person or entity without going to court.
Guardianship
Everyone with a minor child should have a will. A will is a document that tells probate courts who the parents want to raise their children if they die before their children are emancipated. Without a will, Probate Laws in Chicago decide who takes guardianship of the minor children. Ideally, the person named by the court is someone the parents would have wanted to care for their children but there is no guarantee when the parents don’t have a will.
Families who have recently lost a loved one without a will should contact The law office of Starr Bejgiert Zink & Rowells as soon as possible. An experienced attorney could explain the law and how it applies to their case. An attorney could also represent close family members if the decedent has a will but distant relatives contest it. It’s important to settle estate matters as soon as possible to pay debts, distribute available assets, and provide minor children with stability.