No matter how thorough a plan an Illinois estate owner executes before he or she dies, it is no guarantee that problems will not arise when the time comes to administer the estate. It is logical to assume, however, that a carefully executed and solid plan increases the chances that there will not be many wrinkles in the administration process. Interestingly, many financial advisers, legal counselors and elder law specialists say the biggest problem they often deal with regarding estate planning and administration is family conflict.
While most Illinois residents understand that ultimate outcomes can never be predicted with certainty, many people still want to take advantage of all available resources to plan their futures as much as possible. This is especially true where estate planning and administration is concerned. The more thorough an estate plan, the likelier the administration process will unfold without serious complications.
Many different issues can impact a person's decisions when it comes to planning an estate. Illinois residents currently considering divorce may especially want to consider the points contained in this post, as this is one aspect that can significantly affect the estate planning process. The good news is that there are support networks in place to assist those in need of guidance regarding estate plans as they intersect with divorce.
While every Illinois resident's life, as well as all other lives, must come to an end at some point, it doesn't mean that every person will have his or her estate in order when he or she dies. Some people try to avoid the estate planning and administration process because they don't like to discuss such matters or because they think they have all the time in the world to think about such things. When terminal illness strikes, however, it can add urgency to such issues.
It is unlikely that any two Illinois residents will have the exact same estate plans. This is because everyone's needs and goals are unique, and the estate planning and administration process is customizable. Choosing beneficiaries is an integral component of most people's estate planning processes.
Illinois pet owners may want to consider designating someone to step in and care for their beloved fur companions if they die or become incapacitated. The estate planning process is a great tool to help pet owners ensure that the needs of their dogs, cats or other pets will be met when they are no longer there to do care for the animals themselves. Certain things should be taken into consideration when incorporating pet instructions into an estate plan.
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.
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.
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.
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.