What Will Happen to a Jerseyville, IL Probate Estate Without a Will?
In Jerseyville, IL, and the rest of the state of Illinois, A person can create a will that will direct their affairs in the event of their death. There are scenarios, however, where a person does not write a will before they die or the will that was written is considered invalid. In cases like this, the probate estates are directed by the Illinois Probate Act. Here we will be discussing more about the process of the Illinois Probate Act and what will happen to a probate estate when there is no will.
Probate Estates Without a Will
When a person dies with a will that is valid and ready to go, it will help direct what will happen to the estate. It will outline who will be the executor and how the estate will ultimately be divided up. If you do not have a valid will ready to go in the event of your death, the Illinois Probate Act ensures that you have a will, and your estate will be divided. If you want your estate to be divided a certain way when you die and are not a fan of how this act handles it, then it is in your best interests to write a will.
Whenever a person prepares their will, they will name a representative who will handle the affairs of the estate, called an executor. When there is no will in the event of the person’s death, the court will appoint a representative based on the requirements in the Probate Act. To serve as an administrator, you need to be at least 18, be a resident of the United States, and cannot have ever been convicted of a felony.
You also need to be of sound mind and cannot be adjudicated a disabled person. Before an administrator is appointed, the person wishing to serve needs to give a written notice of the hearing on a petition to become the administrator to all heirs of the estate that are named in the petition. That notice needs to be given at least 30 days in advance of the hearing on the petition, that way the heirs can raise any objections if needed.
In Jerseyville, IL, a person who is serving as the administrator of an estate needs to have a surety bond in place to ensure they give a proper performance as the representative of the estate. The surety bond amounts its typically one and a half times the value of the personal property in the estate. The cost of the actual estate for this bond is somewhere around the $200 to the $2,000 range.
How The Probate Estates Are Divided Up
When a person in Illinois dies without a will, once everything else in the Probate Act is carried out, the distribution will commence as follows:
Half will be given to the spouse and the other half will be given to the children.
If there is no surviving spouse, the whole estate is given to the children. If vice versa and there are also no surviving grandchildren, the spouse is given everything.
If there is no surviving spouse, children, or grandchildren, then the estate is passed to the person’s parents and siblings.
If none of those is an option then it is given to the grandparents, aunts, uncles, causes, and their children.
When this is not an option either, then the great-grandparents and their descendants are given the estate.
If none of those relatives are available, then it is given to the nearest known relative.
When there is no possible heir, the entire estate is given to the government.
If you are looking to create a will, give our team over at Diaz Law Offices a call today!