With Valentine’s Day upon us, many people are thinking of one thing: marriage. Marriage is not just an emotional commitment, it is also a financial one.
Marriage is a significant life event that warrants a review of your estate plan, or creation of one if you do not have one.
- Do you have kids from another marriage, or from another relationship?
- Are you expecting some sort of inheritance or gift that you wish to keep outside of the new marriage?
- Do you want to provide for someone other than your spouse or kids?
- Do you want all of your assets to pass to your new spouse if you died unexpectedly?
- Do you own a business or property?
If you answered yes to any of these questions, you need an estate plan.
Under the default rules of descent in Illinois, if you die without a written will and you leave a spouse and children, half of your assets would pass to your spouse and the other half would go to your children.
If this is not how you envisioned your assets would pass to your loved ones, or if you have other circumstances that you wish to be able to influence, you need to create a written will or to effectuate your wishes.