While no one enjoys thinking about death or anticipating its inevitability, proper preparation can make the world of difference when it comes to estate planning. Individuals in Illinois who take a proactive role in determining how to allocate their estate can make deliberations much less stressful and contentious for their loved ones following death.
According to the Huffington Post, individuals who are considering beginning to plan their estate and make important decisions regarding their inheritance can take some precautions to eliminate family disputes. These include the following:
- Clear expression: An individual should take time to explore their litigation options and clearly articulate his or her wishes to avoid leaving statements open to discretion and interpretation. A majority of conflict can be avoided when family members clearly understand how an estate is to be split and who gets what property.
- Strategizing: Another preventative step that people can take when allocating their estate is to strategize and learn about different their options. Perhaps some methods of estate planning are more appropriate for their needs or the dynamics of their family situation.
- Delegation: A majority of people who carefully plan their estate will delegate allocation of property to a trusted family member, friend or associate. This person is known as the executor. When identifying this role, an individual should take great care to make sure responsibilities are explicitly stated so there are no disputes regarding authority and leadership.
In an article shared by Fox Business, only 34 percent of people actually take the time to write a will and plan their estate. This is despite the fact that 69 percent of people recognize its importance and have mentioned their interest in creating one.