Even though most people do not like to contemplate their own demise, most Illinois residents have some idea of how they would like their estates distributed after the pass away. Without an estate plan in place, those wishes may not be carried out. In order to help make sure that probate goes according to plan, certain steps need to take place.
Losing a parent is bad enough, but realizing that wrapping up his or her financial affairs involves numbers and paperwork can make the situation that much more difficult. One of the estate administration duties that adult children here in Illinois and across the country must deal with is the debts that a parent left behind. With the economy the way it has been in recent decades, many parents of adult children pass away with debts, and creditors may be vying for payment -- from any source they can.
When making plans for the future, many Illinois residents attempt to avoid contemplating their own death. When they are able to overcome their reticence about estate planning, it may be a good idea to focus on avoiding probate. Estate administration does not necessarily have to involve probate.
More than likely, Illinois residents do not want to have to pay any more in taxes than absolutely necessary. This also applies to estate taxes, which is seen as a primary motivator for estate planning. Since most people do not have an estate large enough to worry about estate taxes, they may not think that having a plan is necessary. However, many other reasons exist for having a plan in place, and one of those reasons is to make estate administration easier for surviving family members.
Whether you are putting together an estate plan or are responsible for administering a loved one's estate, having the right information can make your task easier. Understanding the basics of what happens during probate may change how you would create your estate plan. It may also give you an idea of what your responsibilities are as executor of a Georgia estate.
Millions of Americans, including many here in Illinois, consider their pets members of the family. As such, they may want to provide for them after death. When it comes to estate administration, executors and trustees are tasked with carrying out the wishes of the decedent by making sure they honor the provisions regarding pets.
When creating an estate plan, you will have several decisions to make. If one of your goals is to help your surviving family members avoid the Illinois probate process, how to do that may take center stage for you. In many cases, how you title your property and how you fill out your beneficiary designations removes the need to probate many of your assets. For other assets, you could use a revocable living trust.