As a parent, you're well aware that your kids are going to fight. Conflict is inevitable. It's how you plan for it and respond to it that counts.
What can you do to stop conflict between your heirs?
Widow Hopper in probate litigation with JPMorgan Chase & Co.
Illinois residents who keep up with major global business news are likely familiar with now-deceased Max Hopper, who was an American IT manager as well as a top executive for several other companies, including American Airlines and Bank of America. Following his death, his widow, Jo Hopper, became entangled in a contentious probate litigation situation with the nation's largest bank, JPMorgan Chase & Co. She publicly stated that she believes the bank was trying to rob her of assets to which she was entitled.
Probate litigation continues regarding Charles Manson estate
Although it is not all that uncommon for complications and problems to arise when Illinois families address estate administration matters following their loved ones' deaths, it is likely safe to assume that most disagreements pertain to financial assets or other items of worth, not the actual bodies of the decedents. However, that just so happens to be a central focus of current probate litigation that has erupted following the death of convicted mass murderer, Charles Manson. It seems that just as his life was full of bizarre twists and turns, so too, is the legal battle taking place after his death.
What does decanting a trust mean?
Often, establishing a trust is not the end of your estate planning concerns, especially if your wishes for your estate change after the fact. While it is not always possible to achieve exactly what you hope, depending on the nature of your existing trust and the terms you set in place when you established it, the law may provide ways that you can amend your trust and still enjoy many of its protections and benefits.
Helping heirs and beneficiaries avoid disputes over money
Many aging parents in Illinois rely on at least one of their adult children to act as primary or assistant care providers as they live out their golden years. Some wind up leaving their homes and taking up residence in nursing homes or other assisted living facilities. Sadly, it's not uncommon for heirs and beneficiaries to begin to fight over money they believe is meant for their inheritance but is instead being used to pay for living arrangements and care.
Reasons to replace your trust's trustee
When creating a trust, one of the most important decisions you make is appointing a trustee to oversee the assets within it and uphold the trust's terms. This is a great responsibility for any person, and often leads to unanticipated conflicts between the trustee and the trust's creator or other parties, such as beneficiaries. Trustees enjoy a significant amount of power over a trust, a responsibility that not all individuals can truly handle well.
Beginning of a new year is a good time to review an estate plan
Many Illinois residents understand the benefit of executing final wills, advanced medical directives and other typically essential documents that help them keep their financial affairs in order, protect their assets and provide for their loved ones' futures. Once an estate plan is implemented, however, it does not mean what is done is done and no further attention needs to be paid to the matter. Quite the contrary, in fact, a key factor to success where estate planning is concerned involves periodic review of an existing plan.
