Parents experience indescribable and immeasurable joy as their children grow. They shudder at the thought of life without their kids – or of their children's life without them. No wonder, then, that only 36% of parents with minor children have written a last will and testament. In the absence of that legal document, though, a minor child could confront emotional and financial uncertainty.
Intestacy means only the law matters
When one dies without a will, or intestate, state law determines much of a child's future. Illinois, for example, distributes intestate assets per stirpes, which roughly means equally. Importantly, the number and type of other surviving kin will dictate what a child, or children, receives.
Naturally, young parents also could assume a family member will care for their children – but without a will, the courts will play an active role in that determination. A guardian will assume legal custody of the child should unforeseen events in either the parents' or the presumed caretaker's lives occur. In Illinois, guardianship and its cousin conservatorship require court approval.
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