Many Illinois estate owners have made plans to protect their assets and provide for their loved ones' financial security when the time comes to administer their estates. Written terms are critically important regarding a given estate plan. Equally or, perhaps even more important is making sure that all those who are named as heirs and beneficiaries understand their roles and the terms as they are written.
When heirs and beneficiaries question an executor's actions
Does your sibling use the family business as an ATM?
Your father left the business to you and your sibling when he passed away. You divided up the other assets between the two of you -- the proceeds from selling the family home, the money from the life insurance policy, etc. -- and so you know you both are doing well financially.
Estate planning and administration: Family discord a big problem
No matter how thorough a plan an Illinois estate owner executes before he or she dies, it is no guarantee that problems will not arise when the time comes to administer the estate. It is logical to assume, however, that a carefully executed and solid plan increases the chances that there will not be many wrinkles in the administration process. Interestingly, many financial advisers, legal counselors and elder law specialists say the biggest problem they often deal with regarding estate planning and administration is family conflict.
Problems re Manson estate heirs and beneficiaries resolved
Baby boomers and older Illinois residents are among those most likely to remember news headlines and horrendous crimes involving Charles Manson. Manson was seen as a prophet among those colloquially known as The Manson Family and had spent the majority of his adult life serving multiple life sentences in prison, for masterminding the murders of a pregnant actress, Sharon Tate, and eight other people in the late 1960s. He was still behind bars when he died in 2017, and his heirs and beneficiaries have been fighting over his remains and his estate, ever since.
Problems arise re Anthony Bourdain's wills and trusts
Food fans in Illinois and the world over were recently shocked and saddened by the news of Culinary TV star Anthony Bourdain's sudden and unexpected death. Sadness was intensified when reports surfaced that he committed suicide. Now, Bourdain's family is back in the news, as questions and complications have arisen regarding his wills and trusts.
How to ask your parents about the will with the right perspective
It is wise to talk to your loved ones about your will and estate plan. This goes for parents who are making the plan and for children who need to stay in the loop. This conversation, in an ideal world, should be an ongoing one.
Include these for thorough estate planning and administration
While most Illinois residents understand that ultimate outcomes can never be predicted with certainty, many people still want to take advantage of all available resources to plan their futures as much as possible. This is especially true where estate planning and administration is concerned. The more thorough an estate plan, the likelier the administration process will unfold without serious complications.
