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Estate Planning and Administration Archives

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.  

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.  

Don't wait too long to begin estate planning and administration

Some people in Illinois hesitate to plan their estates because they don't like to talk about their own mortality. Others have the best intentions when it comes to executing solid plans but procrastinate because they think they are too young to need a plan or don't own enough assets to justify the effort. The good news is that the estate planning and administration process can be tailored to meet the immediate needs and long-term goals of an estate owner.

Estate planning and administration: the advance directive factor

As people age, they begin to think about various issues that perhaps did not occupy their thoughts as much when they were younger. For instance, older people tend to think about executing estate plans more often than younger people do, although the process is a valuable tool regardless of a person's current age. Also, whether a particular Illinois resident happens to be in excellent or failing health at a given time, an advance directive document can be useful in an estate planning and administration plan.

Avoid these major estate planning errors

Those who wish to execute solid estate plans will no doubt research the process ahead of time to learn more about the ins and outs of the system. Illinois has its own regulations and guidelines for estate planning, as do other states. An estate owner does well to seek guidance in the process before diving in. An experienced estate planning attorney can provide information to help an estate owner avoid potential errors that could negatively impact a plan.

Estate planning and administration: Executor seeks missing art

A relative of former First Lady Jacqueline Bouvier Kennedy Onassis has taken action in court against an art gallery owner in another state. Those in Illinois who are currently trying to resolve estate planning and administration problems that involve disputes over inheritance or assets may want to follow this case. The plaintiff is the nephew of Onassis's cousin who claims that upon his aunt's deathbed, she reminded him of the missing family heirloom, namely, a portrait of Onassis commissioned by her father when she was age 19.

Estate planning: The often ignored but oh-so important process

Why do many people in Illinois and elsewhere shy away from discussions regarding their own mortality? No one can be certain; however, the fact that data shows many people never execute estate plans before they die emphasizes the fact that it's true. The estate planning process can be simple or complex. There's no shortage on stories where someone dies without leaving a final will and testament, wreaking havoc upon all heirs and beneficiaries.

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.

Some say these superstars made big estate planning mistakes

Pop music stars in Illinois and throughout the world went into mourning when headlines announced the deaths of Whitney Houston, Michael Jackson and Prince. Following each performer's passing, all of which were unexpected and untimely, stories began to surface regarding their estate planning practices, or lack thereof. Since then, several reports have suggested that each of these superstars made major blunders where their estates were concerned.

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