A comprehensive estate plan will incorporate numerous estate planning tools and strategies into the overall plan. One of the most popular additions to a well thought out estate plan is a trust. If you choose to include a trust in your estate plan, you will need to decide who to trust with your trust administration. Choosing your Trustee is something you should do with care after giving the matter plenty of thought given the importance of the Trustee to the overall success of your trust. What Type of Trust Are You Creating? At its most basic, a trust is a [Read more…] The post Who Should You Trust with Trust Administration? appeared first on Hedeker Law.
One of the most popular, and versatile, estate planning tools is a trust. A trust can help you achieve numerous estate planning goals, including asset protection, incapacity planning, probate avoidance, and long-term care planning, among others. No matter which type of trust you choose to include in your estate plan, you will need to appoint someone as the Trustee to administer the trust. Because your choice of Trustee will greatly contribute to the success, or failure, of your trust, you may find the following advice on choosing the right Trustee for your Waukegan trust administration helpful. What Is Involved in [Read more…] The post How to Choose the Right Trustee for Your Waukegan Trust Administration appeared first on Hedeker Law.
Because of the numerous and varied estate planning goals a trust can help achieve, it is very common to see at least one trust agreement in the average estate plan. One thing that all trusts have in common is the need for a Trustee to administer the trust. The Trustee is appointed by the Settlor (the creator of the trust) at the time the trust is established. If you have been appointed the Trustee of a trust, and have never before served as a Trustee, you will soon find that a Trustee has a wide range of duties and responsibilities. [Read more…] The post Waukegan Trust Administration Attorneys Warn against Pitfalls appeared first on Hedeker Law.
Most people choose to execute a Last Will and Testament as the foundation for their estate plan. As they build on that plan they add additional estate planning tools and strategies to the plan. One of the most common additions to a comprehensive estate plan is a trust agreement. If you are the parent of a minor child, for example, you may wish to add a testamentary trust to your plan as a way to protect your minor child’s inheritance in the event something happens to you before your child reaches adulthood. If you do decide to include a testamentary [Read more…] The post Trust Administration and the Testamentary Trust appeared first on Hedeker Law.
Because a comprehensive estate plan should accomplish a wide range of estate planning goals and objectives, the average estate plan will include a variety of estate planning tools and strategies aimed at achieving those goals and objectives. One of the most common estate planning tools is a trust. Though once used almost exclusively by wealthy families to keep the family wealth in the family, trusts are now commonly found in the estate plan of the average person. Given how common it is to find a trust in an estate plan, it should come as no surprise that it is also [Read more…] The post Waukegan Trust Administration Attorneys Answer Top 5 Questions appeared first on Hedeker Law.
One of the most common additions to a comprehensive estate plan is a trust agreement. Once used almost exclusively by the wealthy as a mechanism by which they could pass down the family fortune to succeeding generations, trusts are now frequently found in the average person’s estate plan and are used to accomplish a multitude of estate planning goals. Although every trust agreement is unique, one thing all trusts have in common is a Trustee who is charged with administering the trust agreement. Appointed by the Settlor (creator of the trust), a Trustee has a wide range of duties and [Read more…] The post Trust Administration Mistakes to Avoid 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.