Barrington Estate Planning Attorney - Bonnie Spaccarelli Hannon, P.C.
Elder Care ● Estate Planning ● Probate Law ● Wills and Trusts ● Real Estate ● Guardianship Law
Many people find it uncomfortable to plan ahead for the passing on of assets after death. Young people may believe the end of life is too far away; older people may have gotten in the habit of postponing discussion of the issue. In fact, if you die without a will in Illinois, the distribution of your assets will take place regardless of your failure to plan. The statutes of the state of Illinois have a will written for those Illinois residents who have neglected to draft their own final testament.
To schedule a consultation with an experienced Barrington estate planning attorney, contact the law offices of Bonnie Spaccarelli Hannon. Allow Attorney Hannon to explain how to avoid a scenario in which the state, through the county probate court and the Illinois statutes, will designate the distribution of any asset for which no beneficiary is named.
Without a Will or Trust, What Happens at Death?
If someone dies without even a simple will and has no surviving spouse or children, the fact that estate planning was left undone has consequences. The decedent’s assets may be given to unexpected and distant family members.
If someone – especially someone young with a family -- dies without a will or trust in place, the results could be disastrous. A typical scenario in probate court when there is no will or trust is that only half of the estate goes to the surviving spouse, and the other half will be distributed equally among children. If the surviving spouse has no employment skills . . . if the children are too young to give consent to sell the house without a named guardian . . . the financial shipwreck that may result can devastate any chance of a financially secure future for anyone in the family.
Why Do Estate Planning? Basics on Wills and Trusts for Illinois Residents
Attorney Bonnie Spaccarelli Hannon advises clients that anyone with children, with a spouse, or with significant assets of any kind should have a will. A properly drafted and executed will eliminates the cost of buying probate bonds to insure the executor of an estate.
Through thoughtful estate planning involving revocable or irrevocable trusts, probate expenses may, in fact, be avoided or reduced. Learn which kinds of trusts may be appropriate for your particular circumstances through a personal consultation with experienced estate planning attorney Bonnie Spaccarelli Hannon.
Attorney Hannon has provided astute estate planning for many satisfied clients including single people, married couples, widowed individuals, and domestic partners. You can trust Attorney Hannon to take your entire family circumstances into account in the context of estate planning.
Contact Bonnie Spaccarelli Hannon, P.C. to schedule a consultation with an experienced, knowledgeable, and caring Barrington estate planning attorney on creating a will or planning for the future through trusts.