When an Illinois resident executes an estate plan, he or she may customize the documents in accordance with his or her goals. For many, asset protection is a high priority. Others own businesses and want to protect those interests, as well as incorporate succession plans as part of their estates. There are numerous types of wills and trusts; while estate owners can choose which options best fit their needs, they'll want to avoid not having either because that can lead to probate complications down the line for loved ones.
Illinois readers considering executing estate plans may have questions about various documents and what constitutes validity when signing such documents. It is always a good idea to speak with someone well-versed in state laws that govern such matters. A current probate battle in another state shows how quickly things can get out of hand if an estate owner dies and loved ones disagree over wills and trusts.
NFL fans know that Illinois is home to the Chicago Bears. As in most states, however, there are likely football fans in this state who cheer for other teams, as well. While most people simply follow what is happening on the field, some also enjoy reading behind-the-scenes news about their favorite players or franchises. One team in particular has become the subject of a legal dispute involving a trust the owner executed before stepping down from his position.
In Illinois and all other states, executors and trustees have fiduciary duties toward certain others. When someone has a fiduciary obligation, he or she must act on behalf of the estate owner in question in an honorable and transparent manner. This would, of course, include keeping all heirs and beneficiaries informed regarding wills and trusts or litigation pertinent to an inheritance.
A court in another state was the location where Hollywood superstar Burt Reynolds' final will was filed recently. The actor passed away suddenly after a 911 call reported that the 82-year-old male was having breathing trouble and was suffering chest pains. Rescue workers arrived and transported Reynolds to a hospital, but he did not survive. As sometimes happens when wills and trusts are filed in Illinois, there were a few surprising details attached to Reynolds' case.
Food fans in Illinois and the world over were recently shocked and saddened by the news of Culinary TV star Anthony Bourdain's sudden and unexpected death. Sadness was intensified when reports surfaced that he committed suicide. Now, Bourdain's family is back in the news, as questions and complications have arisen regarding his wills and trusts.
When an Illinois resident executes an estate plan, a number of topics are usually addressed. Wills and trusts are basic components of many estate plans. There are various types of both kinds of documents, and determining which options will best help an estate owner accomplish his or her goals can be challenging. Especially when it comes to funding trusts, it can be helpful to seek experienced counsel.
You have four children, and three of them have been everything you ever hoped for as a parent. They never got in trouble with the law, they all graduated from college, they got married and started families and careers. They still come home for Christmas and send you cards on your birthday.
Choosing an executor of your will is easier said than done, as you realize that the decision you make today could have an impact on your estate and loved ones in the future.
Often, establishing a trust is not the end of your estate planning concerns, especially if your wishes for your estate change after the fact. While it is not always possible to achieve exactly what you hope, depending on the nature of your existing trust and the terms you set in place when you established it, the law may provide ways that you can amend your trust and still enjoy many of its protections and benefits.