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November 2017 Archives

Should you make the beneficiary of your IRA a living trust?

It's important to pay attention to the beneficiary designations on all of your financial accounts. Failure to fill out such a designation properly -- or to update it after a change in circumstances -- could create a serious problem for your entire estate plan.

Late rap star's son and widow engaged in fight over final will

Illinois rap fans of the 1980s may remember Eazy-E and his record label, Ruthless Records. As sometimes happens following deaths of loved ones, two of his family members are currently facing off in a dispute over his will. His son has stated that he believes his father was not in his right mind when his then wife convinced him to sign the document that would transfer all his assets to her upon his death.

Estate planning and administration not at top of everyone's list

In Illinois and throughout the nation, more people than not fail to execute solid estate plans. In fact, where the whole estate planning and administration process is concerned, only about 42 percent of people have final wills in place. A last will and testament is the most common form of estate planning document with which most people are at least somewhat familiar.

Estate planning and administration can be a gift to loved ones

In Illinois and elsewhere, the topic of mortality does not make many people's Top 10 lists of favorite conversations. Many people shy away from such topics because they want to focus on living rather than the fact that they are going to die someday. This hesitance often causes procrastination in the area of estate planning and administration.

Heirs and beneficiaries don't always agree to estate plan results

When an Illinois resident executes an estate plan to distribute his or her assets to various family members or others, documents may be customized to suit individual wishes and long-term goals. For instance, many estate owners include advanced medical directives in their plans because they want or do not want certain types of care and wish to place their instructions in writing in case they become incapacitated and unable to speak for themselves during urgent medical situations. Where heirs and beneficiaries are concerned, problems may arise if one or more parties contest a will.

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