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January 2020 Archives

Avoiding probate can help avoid family disputes

Building a plan to transfer your assets to those you love takes time and attention, especially if you anticipate family conflicts around the process. Unfortunately, transferring property within a family can lead to major disputes, draining away resources while the parties argue. If you have concerns about maintaining peace in your family after you pass away, now is the time to look at some tools you may use to transfer your property and avoid probate.

Heirs and beneficiaries: What if legal obstacles arise?

Losing a loved one is a sorrowful event many people in Illinois and across the country will experience this year. Thousands of people will learn that they have been named as heirs and beneficiaries in an estate plan. In some situations, the administration of a particular estate will be simple, clear-cut and not especially stressful.

Attention, millennials: Stop delaying estate planning

In Illinois and everywhere else, financial analysts predict that more than $60 trillion of wealth will be transferred posthumously within the next 25 years. Many millennials will be among those who inherit some of this wealth. This is reason enough for those in this age group to learn as much as they can about estate planning, and to avoid hesitating in executing their own plans, which appears to be common among them.

Is estate planning one of your 2020 goals?

When a new year unfolds, it is not uncommon for people in Illinois and elsewhere to want to become more organized, get their affairs in order, and set numerous financial or personal goals for themselves and their families. Many people include estate planning as a top priority when they want to devise a system that helps protect their assets and plan for the future. No matter what your current age happens to be, if you're an adult, it is never too soon to develop a strong estate plan.

Probate litigation: Tom Petty's loved ones at odds

When former rock music icon Tom Petty died of an accidental drug overdose at age 66, it not only sent a ripple of grief among his fans in Illinois and throughout the world, it also sparked contention between his loved ones. The situation prompted probate litigation between his widow and two daughters from a previous marriage. Things recently took a turn for the worse in court when Petty's widow called the actions of his daughters both erratic and abusive.

Family members are the most common estate executors. Is it wise?

Part of doing estate planning involves picking an executor for the estate plan. This person essentially carries out that plan and takes care of everything that needs to happen. For instance, they may have to pay taxes, take stock of the assets, distribute money to the heirs as named in the will, and the like.

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