Blended families are a way of life today. Illinois residents who are in second marriages might wish to consider these family members during their estate planning, so no one feels slighted. But it may not be that easy, since children and stepchildren often don't see eye-to-eye and there may be hard feelings no matter what.
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.
Not all people have children. Illinois residents who don't have kids still need to take the time for estate planning. People still need to stipulate how they would like their assets divided upon their deaths since dying intestate -- or without a will -- can cause all kinds of problems whether there are children in the picture or not.
With the numbers of disasters happening in the world today -- fires, tsunamis, earthquakes, hurricanes and others -- individuals may be thinking about how to make their important estate documents ready for a possible apocalypse. In the blink of an eye, life can change. Illinois residents may want to make sure than any estate planning they've done reflects unforeseen events.
Equality seems to be the best course of action for most everything. When it pertains to estate planning, Illinois residents may benefit from knowing that splitting assets equally among their adult children can go a long way to ensure siblings maintain positive relationships when their parents are gone. It has been shown that it doesn't matter if one sibling is in a better financial state than the other, leaving more to one than to another can be seen as unfair, unloving and may create a lot of tension and resentment.
Many folks are under the misconception that they need to be wealthy to have estate plans. But that's not the case. Estate planning in Illinois is important for all social classes, and it is especially important when children are involved. People who don't want the government to have a say in how they're assets are distributed really should look into getting an estate plan in place.
There is nothing that ruffles feathers more with adult children than thinking they've been given the short end of the stick when it comes to a parent's will. Family members in Illinois have disagreements with each other over many things, but when it comes to money and other valuables normally included in estate planning, things can get pretty ugly. Parents can be generous in what they leave their adult children, but it may be wise for them to discuss things with their grown kids so as not to leave any surprises.
Divorced people may find new leases on life with remarriage and an extended family. Proper estate planning can help Illinois residents who have remarried to keep the peace in their second families. Making a determination of what assets belong to each individual and which are shared may be the first place to start, especially if the two people are older and have amassed their own assets.
Going through a divorce requires careful focus on settlement agreements, child custody arrangements and any related payments each person might owe. Once the somewhat lengthy process of ending a marriage is complete most people in Illinois are ready to sit back and take a rest from paperwork and planning, but this is shortsighted. Estate planning needs change along with major life events, such as marriage, the birth of a child and divorce.