Estate planning enables you to control the transfer of your assets in Illinois when you die. You create plans to reduce the involvement of probate court, minimize estate taxes and prevent/minimize creditor access. What can you do to prevent your heirs from squandering away all the fruits of your labor? Though your voice is no longer heard once those assets change ownership, you can structure your estate plans to include provisions when concerns about financial irresponsibility exist.
In Illinois, the process of planning for your estate after you die is an important one. You can never know when death is coming and caring for your spouse, children and other beneficiaries should be at the top of your list. Unfortunately, there are times when a parent is struggling with a child and concerned about them receiving their part of the estate. In this situation, is it a good idea to disinherit the child?
Undue influence refers to the act of one person inducing another to act in a way in which the victim would not have acted had he or she been acting of his or her own free will. Typically, the victim does not fully understand the consequences of his or her actions. Sadly, undue influence over disabled and elderly individuals is a pervasive problem in Illinois and throughout the U.S., especially as an aging person prepares to transition large sums of wealth via an estate plan. You can help protect your elderly loved one, yourself and other beneficiaries by recognizing the signs of undue influence.
Finishing the paperwork that establishes your trust in Illinois can be a satisfying feeling. You likely feel that you have ensured your children or any heirs you have designated will receive their inheritance. However, the fact is you have to maintain your trust to make sure it functions as you intend. Simply leaving your trust alone is a mistake. In fact, your trust may not even pay out to its beneficiaries if you neglect it.