Most people over the age of 50 want to invest in the futures of their children and grandchildren. But if Illinois residents of this ilk were to peg one thing that irks them about estate planning, it's how little their children pay attention to their own estate plans. Most Baby boomers had legacy building foist onto them from their Greatest Generation parents, and they wish their children would follow suit.
Individuals who want to keep their affairs private may want to think about what kinds of estate plans they're writing. Illinois residents in the throes of estate planning need to know that there are differences between will-based estate plans and those built around trusts. In a nutshell, information included in wills becomes public record once the testator dies. Trusts, on the other hand, remain private.