Two men in another state went into business together in the 1990s. They were co-owners of a motel and remained partners in business for approximately 25 years. One of the men has since died, leaving his three heirs his half of the business. As sometimes occurs in Illinois estates under similar circumstances, a battle has since erupted between the three siblings and their deceased father's former business partner, who still owns 50% of the motel.
Heirs of former motel owner gridlocked with business partner
Avoid the contention these heirs and beneficiaries have faced
If adult children in Illinois are named as heirs in a parent's will, it is logical to assume they would hope to avoid legal obstacles when the time comes to administer their loved one's estate. In the past, several celebrities have taken legal steps to protect their assets and provide for their family after they're gone. The problem is that things do not always turn out as they might have hoped. In fact, there are numerous cases of heirs and beneficiaries battling it out in court.
How much do your heirs and beneficiaries know about finances?
When an Illinois resident executes an estate plan, there is often a last will and testament included. An estate owner might name heirs and beneficiaries to inherit certain assets after he or she has passed. If those so-named are not at all educated about financial issues, they may feel confused or overwhelmed about the probate process or other issues related to their inheritance.
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.
Heirs and beneficiaries: These are not interchangeable terms
Illinois estate owners, as well as anyone who believes he or she is legally entitled to assets from a deceased person's estate, will want to seek clarification on numerous legal terms. For instance, many people confuse the terms heirs and beneficiaries, mistakenly believing they can be used interchangeably; they cannot. In other words, being an heir does not necessarily mean that one is a beneficiary or vice versa.
Can pets be named as heirs and beneficiaries?
Pets are often considered family members by those who own them. In Illinois and throughout the country, people commonly refer to their pets as "fur babies," and often experience intense grief when a cat, dog, bird or other beloved pet dies. On the flip side, numerous legal issues can arise if the pet owner dies, as well. In fact, many people wonder if they can name pets as heirs and beneficiaries in their last wills and testaments.
Issues that often spark disputes between heirs
When a parent dies, siblings usually grieve together. Whether the loss comes after a long illness or is sudden and unexpected, emotions are understandably frayed at such a stressful time. Sometimes, the heirs may also find themselves in conflict over the coming estate proceedings. In Illinois and elsewhere, it is important to know where to seek support if a problem arises.
When conditions are placed on heirs and beneficiaries
Illinois residents and others often execute thorough estate plans before they die. For those of high-net worth value, it is always a good idea as it allows estate owners to control what happens to their assets after they pass away. Some estate owners place conditions on money they wish to leave for heirs and beneficiaries. In fact, a woman in another state recently sought advice because she feels that her grandmother's inheritance conditions were unfair.
Heirs of Aretha Franklin continue to fight over her estate
The judge overseeing litigation regarding late soul music superstar Aretha Franklin's estate has ordered court supervision of the administration of the estate. Franklin's heirs, namely, one of her four sons, is challenging the appointment of the late singer's niece as estate representative. The situation has sparked opposition between the brothers.
Executrix wants court to change beneificiary designation
Even if an Illinois estate owner signs a last will and testament, disputes may arise when the time comes for the estate to be administered. A situation is currently unfolding in another state where an estate administrator has petitioned the court to change the beneficiary designated on a retirement account. The plaintiff has filed a lawsuit against the decedent's sister as well as a financial services company.
