Wills - the Minimum Estate Plan A. Will Allows You To Pass Your Assets To Whom You Wish. B. Distributions If No Will. If you die without a will, the state of Illinois writes one for you under the intestacy laws. If you are married with children, this means that 50% of the property you own in your own name will go to your spouse and 50% will go to your children. If you are married without children, everything will go to your spouse. If you are single without children, everything will be split between your parents, brothers and sister in equal parts, allowing the surviving parent (if one is dead), a double portion, and to children of a deceased brother/sister, the portion such deceased brother/sister would have taken. C. Minor Children - Guardianship Proceedings. TRAP FOR THE UNWARY: Assets with beneficiary designations or held in joint tenancy with a surviving co-owner are not subject to the dispositive provisions of a will. DOES A LIVING TRUST SAVE $$$ WHEN COMPARED TO A WILL? Generally YES because probate costs are avoided. However, there are more "upfront" attorney fees in setting up a living trust.

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