Living Trusts Lawyers in Moline IL: What Happens When You Have no will?
If you own property, you should think about creating a will to dictate how you would like your property to be distributed when you die. However, if you do not have a will at the time of your death, the state takes it upon itself to distribute your property according to the laws of interstate succession.
Most people have changed their views with regards to estate matters. Instead of wills, they are creating trusts. For instance, if you create a trust and place your home in the trust, naming your children as beneficiaries, you will not need to include the home in your will. This means that if you have a trust and no will at the time of your death, only the property not included in the trust will be subject to state distribution laws. To handle issues related to the trust in the right manner, you will need the help of Living Trusts Lawyers Moline, IL.
Why you need the lawyer
Estate laws differ from one state to the other. When a person dies without a will, the rules will be used in property distribution. As an individual, you may not know or understand all the rules that are followed when distributing property. When you hire a lawyer, you will get all the assistance you need with the laws and therefore, you will be able to make informed choices.
The lawyer will most probably be around even after you are gone. They will make sure that the stipulations of the trust you set up are followed. They will make sure that all the beneficiaries of your trust get to access their property. In case the beneficiaries are underage or are incapacitated in a way that makes it difficult for them to take care of the estate, the lawyer will help with guardianship issues.
There are certain circumstances in which a person dies, and there are no immediate relatives to inherit their property. In some jurisdictions, the state inherits all of a person’s property if there are no eligible heirs. Living Trusts Lawyers Moline, IL will help potential beneficiaries get the inheritance in these circumstances.