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.
Rap music fans in Illinois and elsewhere no doubt recall the death of a man who was once held in high honor as an industry icon. On stage, he went by the name 2Pac and in the wake of his death, a legal battle ensued that took five years to resolve. The mother of 2Pac is the one who initially filed the estate administration claim against the Entertainment One company regarding unreleased music of her son.
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.