What if there were a board game that involved guessing the names of important documents often included in Illinois estate plans? Most players of adult age would likely include final wills and testaments in their answers. Beyond that, however, many people are surprisingly unaware of even the most basic types of documents used in the estate planning and administration process.
What are the big 5 in estate planning and administration?
Heirs and beneficiaries: Fist fights not the best way to go
Most Illinois parents likely do not expect their children to engage in physical brawls in their front yards when they die. Some may be surprised to learn it may be more of a risk than they realize. According to those who regularly assist heirs and beneficiaries in the probate and estate administration processes, children and other relatives of deceased estate owners often fight over seemingly worthless items.
Wills and trusts are key to unlocking peace of mind re estates
Many Illinois residents are currently researching ways to protect their families' best interests when they're no longer here to care for them. Parents of young children, especially, may be concerned about who would care for their children if something were to happen to both parents. Such matters can be quite worrisome if one does not know how to access available resources to formulate a solid estate plan. However, with appropriate guidance and key documents, such as wills and trusts, parents can proceed in life confident that their children's future needs will be met.
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.
How can you prevent one of your kids from contesting your will?
If you go through the effort of creating a last will, trust or estate plan, you likely do so because you want your final wishes and instructions followed. You may want certain assets to go to certain people, donations to go to a favorite charity or even have pets assigned to the care of trusted family members. You may even want to reduce issues with handling your estate and taxes. However, it's not uncommon for testators to worry about one (or more) of their children contesting their will.
Will Jerry Lewis's will lead to probate litigation?
Actor and comedian Jerry Lewis recently died, leaving many relatives and fans anxious to learn more about his will. That information has since been published and it begs the question whether the contents of the will might lead to probate litigation. It's a highly complex situation and not everyone is happy about Lewis's final instructions. Illinois residents currently facing similar issues may be very interested in the story.
