Many people in Illinois and elsewhere avoid thinking about the fact that their time on earth is limited. They like to take life as it comes and do not like to think about their own mortality. Others, however, understand that every person's life eventually comes to an end, and they also know that they can use the estate planning process to protect what they've worked so hard to acquire and also help provide future support for their loved ones.
Many Illinois residents are old enough to remember Apollo 11 and the excitement that rang throughout the country when former astronaut, Buzz Aldrin and his team members walked on the moon for the first time. Aldrin recently told a reporter that although he recalls what is was like to gaze at the moon in anticipation of such an event, it is all behind him now. Aldrin acquired many assets through the years and sadly, he, his sons and a former business manager became entangled in an estate planning dispute.
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.
A two-part series recently aired on Home Box Office that has upset the Michael Jackson estate. The music icon's drug-overdose death rocked the world in 2009. Some time later, the estate sold its stake in EMI Music Publishing to Sony, which generated $400 million to the estate in 2018. The recent subscription channel series has prompted estate litigation, with Jackson's estate filing a lawsuit against HBO.
Many Illinois residents understand the value of planning for their futures. How each person interprets that may be somewhat unique, although the estate planning process is a common tool most people use to organize their assets and execute a plan to be carried out if they should become sick or incapacitated. When someone says that he or she wishes to get his or her affairs in order, it can mean different things.
Can a person think he or she is of sound mind but not be so? It is logical to assume that certain mental illnesses or levels of decline in mental capacity might prompt conditions wherein a man or woman is not fully aware that he or she is not fully aware. Dementia, for instance, may be present without the person afflicted by it realizing there is a problem. When it comes to estate planning, it is critical that an Illinois resident executing an estate plan be of sound mind; otherwise, the documents therein may be invalid.
Most Illinois adults earn livings in one way or other. While some people sacrifice careers to stay home and raise families, many still earn incomes through telecommuting opportunities. Others are solely dependent on a spouse or other family member for financial support. No matter what a person's particular circumstances happen to be, if he or she wishes to protect assets and provide for loved ones after his or her own death, the estate planning process is a valuable tool toward achieving such goals.
Many Illinois residents understand the importance of protecting their assets and providing for their loved ones in the event of their own deaths. However, some jump into the estate planning process without any basic knowledge or guidance as to what state regulations are or how certain documents may work for or against them regarding their particular estate needs and goals. There are numerous mistakes that are quite common that those considering executing an estate plan will want to avoid.
It is never too soon to execute plans to protect assets and provide financial support to loved ones for their future. The estate planning process is the most often used tool for doing so. It is a highly customizable process that may be quite simple or tremendously complex. It is important for Illinois estate owners to research laws pertaining to such matters before implementing a plan; for instance, estate owners will want to know what can and cannot be included in a will.
Estate owners in Illinois and beyond typically want to do whatever they can to help their loved ones avoid legal problems when the time comes to administer their estates. The estate planning and administration process is able to be customized to fit a particular person's needs and ultimate goals. A key part of the customization process has to do with updating an existing plan as needed.