You have four children, and three of them have been everything you ever hoped for as a parent. They never got in trouble with the law, they all graduated from college, they got married and started families and careers. They still come home for Christmas and send you cards on your birthday.
Can your problem child challenge your will?
Estate planning from a pet care perspective
Illinois pet owners may want to consider designating someone to step in and care for their beloved fur companions if they die or become incapacitated. The estate planning process is a great tool to help pet owners ensure that the needs of their dogs, cats or other pets will be met when they are no longer there to do care for the animals themselves. Certain things should be taken into consideration when incorporating pet instructions into an estate plan.
Estate planning and administration case ends with settlement
Illinois readers concerned about mismanagement of estates will want to pay close attention to a recent court ruling. This particular estate planning and administration case involves the heirs of deceased American Airlines executive Max Hopper and JPMorgan Chase. The former filed a lawsuit against the latter, stating the bank had committed gross mismanagement of their father's $19 million estate.
Do you know how to choose an executor of your will?
Choosing an executor of your will is easier said than done, as you realize that the decision you make today could have an impact on your estate and loved ones in the future.
Father made permanent estate planning error
Illinois residents planning to transfer property titles as part of their estate plans should do so with caution. It's critical that an estate owner clearly understand all possible implications of the estate planning process before designating someone as co-owner with right of survivorship on a property title. An elderly man in another state learned the hard way that some estate planning decisions are irreversible.
Things to consider regarding estate planning and administration
Many Illinois residents may hesitate to discuss certain topics at family gatherings. Like others throughout the nation, they may determine various issues are better left unsaid. For some, such topics may include political subjects or those having to do with religion. Others are okay with those things but would rather not talk about mortality or anything having to do with their own eventual death or that of a close family member, which could be a problem if loved ones ask them to participate in their estate planning and administration processes.
