Many Illinois residents want to protect their assets and provide for their loved ones after they die or in the event that they become incapacitated. However, many err when it comes to estate planning because they think that once they sign their documents, they do not have to give their plans another thought. In reality, careful planning should always include periodic review of an existing plan.
Estate planning process shouldn't end when documents are signed
Avoiding gift tax through careful planning
For many of us, giving to the ones we love and the causes we support is part of living a complete and fulfilling financial life. Unfortunately, choosing to give your resources to others can get complicated if you do not plan your gifting carefully.
Ways to avoid probate litigation in Illinois
Some Illinois residents hesitate to execute estate plans for various reasons, often including the fact that they feel overwhelmed when thinking of all the issues they will need to resolve. Others simply do not like to discuss their own mortality or think about the possibility that they could one day become incapacitated and unable to make financial or medical decisions for themselves. However, many people, especially those who want to help their loved ones avoid probate litigation, would rather be proactive in organizing their own assets than leaving all such decisions to a probate court.
Probate litigation regarding Tom Petty's estate
Illinois rock and roll fans joined others throughout the country and across the world in mourning the sudden, unexpected loss of music icon Tom Petty. The former superstar's 2017 death sparked many a debate about prescription drug addiction. As often happens when celebrities die suddenly, it also prompted probate litigation between his then current wife and two daughters from a previous relationship.
Do you think undue influence changed your parent's last will?
Most parents have a driving and powerful desire to provide for their children and even grandchildren. Wanting to see their lineage succeed is a natural impulse.
Wills and trusts: Reasons they get contested
Many Illinois residents may become involved in probate litigation at some point in their lives. It can be difficult to resolve such situations. It can also be quite expensive, especially if a case is tied up in the courts for a long time. Understanding the most common reasons wills and trusts are contested may be helpful; it is also a good idea to know where to seek legal support, as needed.
