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Estate Planning and Administration Archives

Watch out for these estate planning and administration pitfalls!

Many Illinois residents reach a point in their lives where they begin to think about the lives of their loved ones' lives after they're gone. Such thoughts often lead to the estate planning and administration process, an easily accessible means for asset protection and documentation of final wishes. The process of planning an estate is customizable; however, there are several common mistakes that should be avoided by all estate owners.

Do I always transfer property through probate?

If you learn that you are selected to be an executor to a loved one's estate, the responsibilities could be overwhelming. After all, the process of legally transferring property and assets from the deceased to heirs or beneficiaries (and even creditors) is not something that people do every day. Also, if there are disputes over who is entitled to receive the property, this can be daunting.

Expectations of an estate planning and administration executor

Unless a person is well-versed in state laws concerning matters of estate, the whole process of executing documents to plan an estate can be very confusing. Many Illinois residents are vaguely familiar with the estate planning and administration process; yet, within the system there are many terms and duties they do not really understand. Acting as an executor of a will, for instance, is something that often leaves people with many more questions than answers.

Widow of 9/11 victim discusses estate planning and administration

Most Illinois residents who were adults in 2001 remember exactly where they were and what they were doing when a terrorist group launched an attack against the United States on domestic soil. A woman in another state was a young mother of three at the time. She recently recounted her memories of that day and also discussed many lessons she learned in the aftermath of her own husband's death, including certain estate planning and administration strategies.

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