Research shows that 90% of Americans view estate plans as essential, but less than 50% have created one. Without a will, a person’s assets in Illinois may not be distributed as the estate owner would have wanted. The lack of a will may also lead to family issues that sometimes result in probate litigation. Here are a couple of family issues that can be avoided through well-thought-out estate planning.
How wills may help prevent family conflict
Estate planning may help prevent disagreements among surviving family members about who will receive the deceased person’s assets. In this situation, the court will need to determine the next steps. The probate court will monitor the deceased party’s estate and oversee who will get which assets.
This process, called probate, is typically slow and may leave the assets in question tied up for several months or even years. This process may be more draining and costly for the surviving loved ones than creating a will in advance. A will may help facilitate a smoother transition of the deceased individual’s assets.
How an attorney can help
Developing a will can seem like an overwhelming process for individuals with large numbers of assets or high-value assets. However, an estate planning attorney in Illinois can help these parties develop comprehensive estate plans that reflect their wishes and their loved ones’ best interests. The attorney can also update these plans to reflect liability, asset or marriage status changes over time so the plans remain current long-term.
