When you set up your estate plan in Illinois, you may not consider what your adult children will do after your death. While you may hope that your kids will settle the estate peacefully, it is a good idea to prepare in advance for conflict.
Sometimes naming an executor for your estate can help your family avoid conflict. According to the American Association of Retired Persons, this may help keep your adult children from arguing about who should be in charge of the estate. You may also want to assign tasks to your other children, such as planning your funeral, so everyone feels like a necessary part of your estate plan. Additionally, it can be beneficial to talk to your children so they know what to expect.
It is a good idea to consider the fine details of your estate plan. You may already have ideas about how you would like to divide your assets, and in this situation, you should usually write down how everything will be distributed. It is also a good idea to speak to your children so they can choose specific items they would like to inherit. Additionally, it is important to think about the money you may have given to your children during their adult lives. If this money was a loan, you may want to specify whether your children need to repay these loans or if the amount will be taken out their inheritance.
It is important to remember that if your children fight over your estate, the argument may not be about the money. Instead, they may be continuing childhood disagreements, such as who is the favorite child and who is the most deserving. It is a good idea to make sure that each of your children gets an equal-sized portion of your estate. This may sometimes help ensure that everyone gets along as the estate is settled.
This information is intended to educate. It should not be used in place of legal advice.