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.
Heirs and beneficiaries: These are not interchangeable terms
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.
Heirs and beneficiaries: Complex issues in Nipsey Hussle case
Rap music star/entrepreneur Nipsey Hussle was gunned down in front of his own clothing store some time ago. In the wake of his sudden, tragic death, complicated issues regarding heirs and beneficiaries have arisen that will undoubtedly have a significant impact on the lives of his two children. Members of his immediate family, as well as the biological mothers of each of his children, are entangled in litigation regarding approximately $2 million the kids are in line to inherit. Illinois residents facing similar issues may want to follow this case.
Heirs and beneficiaries: Avoid stress over a decedent's home
When a loved one dies, his or her Illinois home might wind up being sold. It may also be left as an inheritance to certain heirs and beneficiaries as designated in a last will and testament. However, if a person dies without having executed a will, what happens to the home may be complicated and may even spark discord between family members.
Heirs and beneficiaries: State laws affect inheritance
If someone in Illinois dies after signing a last will and testament, someone else, such as the decedent's spouse or other immediate family member may stand to inherit a portion or all of his or her estate. State laws vary regarding heirs and beneficiaries. That is why it is always helpful to speak with someone well-versed in estate planning issues in this state, if one has questions or concerns about a particular inheritance situation.
Helping heirs and beneficiaries prepare for the inevitable
Everyone is eventually going to die. While many Illinois residents would rather not talk about their own mortality, others understand that doing so can help them execute strong estate plans that allows them to choose how their assets will be distributed when the time comes to administer their estates. Even in closely-knitted families, disagreements often arise among heirs and beneficiaries, especially if the estate owners in question did not take steps to help them prepare.
