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Wills And Trusts Archives

A will is not for ‘getting the last word’

Michael Jackson’s father, Joseph Jackson, was left out of his famous son’s will. The pop singer’s father contested the validity of the will, which named Michael Jackson’s mother and his three children as the primary beneficiaries. After years of legal battles, a Los Angeles court ruled that Joseph Jackson had no legal standing in matters related to the singer’s estate.

Estate planning should plan for 'what-if" scenarios

Illinois residents who have taken the time to create an estate plan should feel a certain sense of satisfaction and confidence that whatever the future holds, there is an organized scheme in place to handle the distribution of property to their heirs and otherwise wrap up the business of the estate. Most people realize it is necessary to revisit the decisions made and consider updating the documents every so often or more frequently when a major life event occurs. However, many estates are planned without thought as to what may happen if an unusual or unanticipated situation arises.

Avoiding three potential problems when planning an estate

Ohio residents who are going through the estate planning process should keep three potential problems in mind. Outdated plans, beneficiary designations gone wrong and a lack of digital information are all issues that can cause court-bound family feuds, conflict and emotional distress.

Choosing an executor

There are many aspects of developing an estate plan, such as properly drafting a will. However, one of the most important parts of creating an effective estate plan is choosing an executor. Ohio residents should give considerable thought to whom they select to serve in the role.

Funding trusts

Ohio residents who want to create an effective estate plan should know that the inclusion of a trust is necessary. Trusts can be funded or used to hold various types of assets and can ensure that the assets will be handled in the manner specified by the grantor.

Trusts and trustees

Ohio residents can use a trust as part of their estate plan to have their financial assets managed according to their wishes. However, choosing the right trustee is an important part of setting up a trust and can result in the mismanagement of trust assets if the wrong choice is made.

Estate planning can help avoid later complications

Estate and probate issues can be complex for Ohio families, especially when dishonesty or greed is involved in dealing with a loved one's estate. However, these kinds of problems can be minimized when people have developed wills, trusts and other documents to help ensure that their heirs receive their assets in a way that reflects their interests. The presence of a will can help potential heirs understand their rights and prevent unjust or unfair outcomes after a person has passed away. This can be especially important in the case of blended families, where spouses and children from multiple marriages may have more distant and less trusting relations.

Best times to update an existing will

It is never fun to sit down and think about the fact one day you will pass away. However, that is precisely what you need to do when you create a will. Unfortunately, many Americans forego a will because they either forget to do so or do not want to have difficult conversations. Reports suggest less than half of American adults actually have some kind of will.

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