Inheritance Elgin IL – Law Offices of Anthony R. Scifo – Call 847-628-8311
When a person dies, their named beneficiaries or heirs inherit that person’s estate, properties and assets. This is done through a last will and testament. If the deceased person did not have a will, the distribution of their estate goes according to Illinois intestacy laws. The term “inheritance” basically entails the decedent’s estate, property and assets. The person or persons who receive the estate is known as the beneficiary. Inheritance law can be confusing, and the process must be timely. This is why it’s a good idea to work with an estate planning attorney when finalizing your estate plan
-Dividing an estate. There are some assets that don’t pass through a will. Consequently, they are not subject to the state of Illinois’ intestate laws. Regardless if there’s a will, when the deceased has assets transferrable upon death, the named beneficiaries can inherit the assets.
Examples would include:
- -Properties that transfer via a living trust.
- -Proceeds from life insurance.
- -Retirement accounts.
- -Securities that are held in a transfer-upon-death account.
- -Real estate that is held by a transfer-upon-death deed.
- -Payable-upon-death banking accounts.
- -Property that is owned in a joint tenancy.
In some cases, a deceased person may leave non-probate properties or remaining debts that exceed the value of their estate. In that event, the named beneficiaries might not inherit any assets because the estate is insolvent. Both the state of Illinois and the federal government collect estate taxes from an inheritance. An estate tax applies to a property’s value when a person passes away before beneficiaries inherit the property.
Inheritance Elgin IL – Law Offices of Anthony R. Scifo – Probate, Wills, Estate Planning and Elder Law – 847-628-8311
It’s important to name an executor who will oversee distribution of assets from an estate. A person can name an executor in their will. That person is responsible for executing the deceased’s wishes according to the will. However, when there is no valid will, the closest relatives will name someone to serve as executor of the estate. In the event family members are not able to determine an executor, a judge will typically appoint one.
“Intestate” is when a person passes away without a valid will. A will is a legal document that states what a person wants to happen to their possessions after they die. It identifies the assets that the person possesses and who should receive those assets. These may include, for example, personal property, investments and bank accounts.
The state of Illinois’ intestacy laws determine who shall receive the assets of an individual who dies without a will. Intestacy laws apply only to probate property. These are properties that a probate court must distribute. It includes assets owned fully by the deceased and not, for instance, property the deceased owned jointly with another party. Probate can be a complex process, but in simple terms intestacy laws apply as follows:
-In the event the deceased is survived by their spouse and their descendants, the spouse receives half of the properties. The descendants (children, grandchildren etc.) divide up and receive the other half.
-When the only surviving beneficiary is a spouse, then the spouse receives all of the property.
-If the only surviving beneficiaries are the children, they receive and divide the entire property among themselves.
Get Answers to Legal Questions about Inheritance – 847-628-8311
- -In some cases, the only survivors of the deceased are their parents, their siblings or the children of deceased siblings. In that event, the siblings and parents inherit the estate equally. For cases where there is only one surviving parent, that parent receives a “double share” of the deceased’s estate. If the deceased siblings’ descendants are to inherit, they divide the shares.
- -If the deceased doesn’t have surviving siblings or parents, the estate divides equally among paternal and maternal sides of the family.
- In the event the court determines the descendants of a deceased person are children, it considers factors such as:
- -The court views children who were adopted legally as the same as biological children. They receive an intestate portion of the deceased’s property.
- -Children who were not legally adopted, such as stepchildren, do not automatically inherit an intestate share of the deceased’s property.
- -If the deceased placed children for adoption and another family adopted them, the children won’t receive a share. However, they might receive a share if there’s an explicit statement regarding their inheritance rights.
- -Posthumous children shall receive a share of the intestate properties.
- -Children born outside of a marriage but verified paternity are eligible to receive intestate properties.
- -Likewise children born via artificial insemination with the deceased’s consent. (The children must be born within three years of the deceased death.)
Law Offices of Anthony R. Scifo – 847-628-8311
Additional information regarding Inheritance Elgin IL laws:
- -The state of Illinois has what’s known as a survivorship period. It’s a law stating an intestate successor has outlive the deceased person by 120 hours in order to inherit property.
- -“Half” relatives shall inherit as “full” relatives.
- -Regardless of their citizenship, relatives are entitled to their intestate share of a deceased individual’s property.
- -A relative responsible for killing the deceased individual does not receive a share of intestate properties.
- -A relative or a non-relative who commits an offense against an elderly deceased individual cannot receive shares of intestate property.
Questions about Inheritance Elgin IL? Talk to a Lawyer at 847-628-8311
The probate process in Illinois ensures the correct distribution of a deceased individual’s property. In addition, probate ensures that any remaining taxes and debts are paid in full. Probate is a legal procedure supervised by the court. It is sometimes a requirement after someone dies. Without a doubt, navigating the probate process can be difficult. If you’re currently involved in probate, the estate planning attorneys at our firm are here to guide you through the process.
In Illinois, probate is necessary if the deceased’s assets were owned solely (rather than jointly). Or, if the assets have a value of $100,000 or greater and if the assets consist of real estate. In general, a probate proceeding can finalize in less than one year. However, if there are disputes regarding the estate the process can, naturally, take longer.
The circuit court system in Illinois deals with probate cases. Bigger counties have their own probate divisions. Illinois’ courts hear probate cases in the county where the decedent use to live.
Is Your Will Valid and Up-to-Date? Concerns about How the Law Affects Inheritance Elgin IL? Talk a Lawyer Today at 847-628-8311
There are certain requirements when it comes to creating a legal will in the state of Illinois. Call our law offices to for help in drafting this important document. A will means you’ll have confidence knowing the Inheritance Elgin IL of your estate will proceed according to your wishes.
Creating a will is essential for planning who shall receive your belongings after you die. From cash and personal items to real estate and vehicles, a will addresses all your assets. It’s a document that ensures accurate distribution to your loved ones. Illinois law allows the person creating writing the will an opportunity to take care of a spouse, children, grandchildren and even pets. In addition, you can also leave assets or gifts to charities of your choice through a will.