Lake Forest Illinois Trusts and Estates Law Blog

Two men in another state went into business together in the 1990s. They were co-owners of a motel and remained partners in business for approximately 25 years. One of the men has since died, leaving his three heirs his half of the business. As sometimes occurs in Illinois estates under similar circumstances, a battle has since erupted between the three siblings and their deceased father's former business partner, who still owns 50% of the motel. 

The man has requested that the court order that the business be dissolved. He claims that his former partner and friend's heirs have systematically attempted a hostile takeover of his business. Among other things, he claims they have misused company money, have removed corporate documents from the motel office and have also blocked a refinancing plan.

Especially if you are under age 40, you might not like the idea of discussing your own mortality. Even older people sometimes hesitate to think about such issues. The fact is, however, that every person will die someday, so it is always best to be as prepared as possible regarding estate planning.

One of the benefits of planning your estate is that you can customize your plan to fit your needs and goals. Whether you have a sizable estate of high net worth or a simple asset portfolio, it pays to execute a plan that helps you protect what you worked so hard to acquire. A solid estate plan can also benefit your loved ones, especially if you include a last will and testament that names heirs and beneficiaries.

When there is confusion regarding a decedent's last will and testament or other issues regarding his or her estate plan, it can spark disputes among family members. Each year in Illinois, family disagreements about a loved one's will or other estate planning concerns end up in probate court. When iconic soul singer Aretha Franklin passed away, it prompted probate litigation among her family members that is still ongoing.

Franklin's estate is said to be worth approximately $17 million. Several handwritten wills were found in her home after she died. This has placed several of her loved ones at odds, which has led to a nasty court battle. Franklin's niece has been acting as executor of the estate but she has reportedly requested to be relieved of those duties.

NBA fans, coaches, players and families in Illinois and around the globe recently mourned the tragic death of basketball icon Kobe Bryant, who was traveling with his daughter and several others when their helicopter crashed, leaving no survivors on board. Since the tragedy, news headlines have been filled with titles about Bryant's family, including speculation about estate planning. The question of whether the former basketball star had signed a last will and testament, so far, remains unclear.

Bryant was known as being a person who paid attention to detail and diligently kept his personal finances and other important issues in order. This has prompted many people to assume he had a last will and testament in place before he died. Others, however, have noted that Bryant's African-American heritage may place him in a group that is reportedly notorious for not executing estate plans.