Probate avoidance is one of the most common estate planning goals. Given the time and expense involved in probating an estate, it is not surprising that many people try to set up their estate plan in a way that avoids probate altogether. A common tool used when trying to avoid probate is a revocable living trust. If you recently lost a loved one who left behind a living trust, you may be wondering if you need a trust attorney to help you settle the trust. In most cases, the answer is “yes.” There are, however, several factors that you should [Read more…] The post Do I Need a Trust Attorney to Settle a Living Trust? appeared first on Hedeker Law.
Most people understand that having an estate plan in place is important. Despite acknowledging this, less than half of all Americans actually have a plan. If you are among those who have taken the time to create your estate plan, you are a step ahead of many of your friends and neighbors. More importantly, you can rest easy knowing that you, your loved ones, and your assets are all protected. Or can you? If you created your plan several years ago, and you have not updated your plan since it was created, it may not provide you the level of [Read more…] The post Lincolnshire Estate Planning Attorneys Remind You to Update Your Plan appeared first on Hedeker Law.
Although you may not realize it, one of the most important aspects of creating your estate plan is appointing the right people to fill the fiduciary positions within your plan. In fact, one of the most common reasons for an estate plan to fail to work as expected is choosing the wrong person for an important position within the plan. People frequently appoint a spouse, family member, or close friend to fiduciary positions based solely on the close relationship. The problem often lies in the fact that most people do not really know what these fiduciary roles entail nor the [Read more…] The post Estate Planning Lawyers Urge You to Choose Fiduciaries Wisely appeared first on Hedeker Law.
The death of a loved one is typically followed by a period of grieving and an outpouring of emotions on the part of the family and close friends. By necessity, it is also followed by the legal process referred to as “probate” during which time the decedent’s estate is administered and estate assets are ultimately transferred to the new owners. Although probate can be full of bumps and minor obstacles along the way, it is normally a relatively uneventful process. Occasionally, however, the probate process can turn into a contentious legal battle as a result of a challenge to the [Read more…] The post Lincolnshire Probate Attorneys Explain What Happens When Someone Contests a Will? appeared first on Hedeker Law.
Though once thought of as only benefitting the wealthiest among us, trusts are now commonly used by the average person to accomplish a wide range of estate planning goals. In fact, you may find that you incorporate more than one trust into your comprehensive estate plan as your plan grows over the years. You may also find that you want to make changes, or modify, a trust that you created some time ago. You may be surprised to learn that modifying a trust is often easier than making changes to your Last Will and Testament; however, if the proper steps [Read more…] The post A Living Trust Attorney Explains How to Modify a Trust appeared first on Hedeker Law.
Most people start off their estate plan with fairly simple goals that can be accomplished using nothing more than a Last Will and Testament. That plan, however, will likely need to be reviewed and expanded upon as the family and the estate grow over the years. If you find yourself in a position where it is time to expand upon your basic estate plan, you may be considering the addition of a trust as part of that expansion. If you will be creating a trust for the first time, it is important for you to learn as much as possible [Read more…] The post Waukegan Trust Administration Attorneys Explain Trust Basics appeared first on Hedeker Law.
Inheritance planning, also referred to more broadly as “estate planning,” is something that everyone should engage in at some point. One of the biggest questions – and biggest misconceptions—relates to exactly when inheritance planning should start. In fact, among the most common mistakes people make is putting off the creation of an inheritance plan because they are under the (mistaken) impression that they do not need one yet. To help you avoid making the same mistake with your estate and your future, the estate planning attorneys at Hedeker Law, Ltd., explain when inheritance planning should begin for everyone. What Is [Read more…] The post When Should Inheritance Planning Start? appeared first on Hedeker Law.