There are several reasons why Illinois residents may wish to consider using trusts in their estate plans. Trusts offer testators far more control over how and when their assets will be distributed, which can be an important consideration if their heirs are young, have acted irresponsibly with money in the past or are struggling with alcohol or drug problems. Trusts allow estates to avoid the public and sometimes protracted probate process because assets put into trusts are owned by the trust and not the estate, and they also offer protection should testators become incapacitated.
Many people in Illinois have a number of online accounts with different passwords. During the estate planning process, it's important to make sure those accounts can be accessible to others. Keeping online accounts secure is important, and security experts advise not writing down passwords. However, there needs to be some kind of strategy in place that allows an executor or another designated person to access these accounts.
Identifying interested parties is a very important consideration in probate litigation in Illinois. The party who starts the contestation of a will may be surprised to discover that the number of interested parties may be significantly higher than initially thought. This is because interested parties are not limited to the parties that are listed in the last will and testament.
Illinois families who have suffered a loss may discover just how much planning and effort it takes to manage an estate when a person passes away. Choosing an executor for estate administration is a task unlike any other. The decision to choose the person who will act as an executor is a serious one because the executor will play a significant role in probate, personal property and wealth protection matters when a person passes.
Estate planning is something that not everyone does, even though it is something that everyone should care about and address. but we are human, and as such, we are imperfect. We prioritize things we shouldn't, and leave important things on the back burner. Estate planning is often one of these "back burner" items. For those that do address their estate in a timely and appropriate fashion, avoiding the probate process is a goal that most people strive for.