Who knew, right?

I recently saw an email from the Field Museum encouraging people to make a will, with a link to a free platform that will help do it. You do not need to include a bequest to the Field Museum, but you could, and look at all the amazing work they do with the gifts of donors past…. I thought it was brilliant.

To remain upbeat, the article kind of glossed over what happens when you don’t have a will. So, here I am to lay it out for you. It is called “intestate succession,”  and it applies whenever someone passes away without a valid will (more on this in a moment). A person’s assets, including all accounts, real and personal property, and all business interests in the person’s name that do not have specific beneficiary designations, are called the “estate.” For a person who passes away leaving only a spouse (no children), the entire estate goes to the spouse. If there are children, half of the estate goes to the spouse and half goes to the children, divided equally among them, and if one child died before the parent, their share would go to their kids. This is called per stirpes. If there are children but no spouse, the children split the estate. If any of the kids are minors, they may need guardians appointed for them to manage the inherited shares of the estate. A single person with no spouse or kids has their estate divided between their parents and siblings, and if both parents have passed, it is divided between their siblings, again per stirpes, so the share of any predeceased sibling goes to their kids – the nieces and nephews of the decedent. This is the simplified breakdown; divorces and adoptions complicate matters a bit more.

If this scheme of delivering your assets seems reasonable to you, then by all means ride that motorcycle with no helmet. If you want something different to happen, you need a will.

To be valid in Illinois, your will must be in writing, signed, and witnessed by two people who do not get anything under the will. Their names and addresses are included, and they attest that they saw you sign of your own free will (no pun intended).

Maybe you have an enormous and complicated financial situation and need the expertise of the GCT Estate Planning Practice Group to get it all in order. Maybe you have some savings and a house, and a favored friend or charity, and need only a review and confirmation of compliance with Illinois rules. The team at GCT can assist at every step, and you can ride that motorcycle secure in the knowledge that your wishes will be respected.

My thanks to the good people at the Field Museum for reminding me of the importance, and the ease, of making a will!