Donald M. Thompson - Wills, Trusts, and Estate Planning


What Happens Without an Estate Plan

The state dictates who gets your property and who will be the administrator (manager) of your estate and who will be guardian of your children if your spouse has already died and who will be your guardian if you are disabled.

If you die without a will survived by a spouse and children, the spouse gets one-half and the children get the rest. There are no exceptions.

Guardianships are expensive and time consuming and if money or property is involved court approval is needed for everything.

All your property must be collected and sold unless all the beneficiaries agree to keep it. The family business or farm must be sold.

There is no provision for professional management of your estate.

There will be probate of your estate if it exceeds $50,000. This is court determination of who is entitled to your property and supervision of its collection and distribution.

Taxes may be a lot higher.

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Donald M. Thompson * 55 W. Monroe #3950; Chicago, IL 60603
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