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.
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.
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.
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.
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.
Illinois high school football fans often gather under stadium lights during annual seasons, cheering on their favorite teams. Many high schools play football or host other activities on land or in buildings that exist thanks to donations from benefactors who are now deceased. In fact, a school in another state plays all its home games on property that was donated by a local married couple in 1927. A legal problem has arisen regarding the land, and the heirs of the estate are speaking out against school officials, who have filed a lawsuit to gain control of the land.
Many Illinois residents and those in other states who inherit property or money often encounter legal challenges when they set out to claim what they are entitled to receive. The heirs of former reggae singer Bob Marley have been entangled in a legal dispute regarding a trademark issue. An appellate court judge recently ruled on the matter and upheld an earlier federal court decision, which has reportedly greatly pleased the Marley heirs.
A situation regarding ownership of an 11-acre island has been ongoing for decades now. Illinois landowners planning their estates may want to take note of this case to help their heirs avoid similar problems in the future. A key factor in this particular situation appears to be the way the estate owner worded things (or failed to stipulate them) in her last will and testament.
Many Illinois residents avoid discussions about mortality, which is not atypical, as most people would rather think of something other than the fact that they are going to die someday. However, executing a solid estate plan while you're of sound mind can have many benefits. One of the most important things you can do by planning ahead is help your heirs and beneficiaries avoid probate trouble.
A retired school teacher in another state who is now deceased was married to a scientist (also now deceased) who pioneered studies of cloning. Following her husband's successful and prestigious scientific career, the former teacher's estate was worth more than $5 million when she died. The woman's heirs and beneficiaries are now battling, not only over her estate but also over her actual death.