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.
For many people, one of the primary reasons for creating an estate plan is to ensure that the assets they spend a lifetime accumulating are distributed according to their wishes at the time of death. If that applies to you then there is something else you need to also consider in your estate plan – asset protection. Unless you protect the assets you own, there won’t be anything left to pass down to your intended beneficiaries at the end of your life. A trust can be an excellent asset protection tool if it’s the right type of trust. The asset [Read more…] The post Asset Protection Attorneys Explain Why the Type of Trust You Create Is Important appeared first on Hedeker Law.
As an adult child, making the decision to seek guardianship over a parent is usually a heart-wrenching process, and one that can leave you riddled with guilt. The idea of becoming a parent’s Guardian often seems like it is akin to taking away a parent’s independence. It is important, however, to look at your decision from another perspective. If you believe your parent needs a Guardian, and you fail to step up and become that Guardian, your parent could serious irreparable physical, mental, or financial harm. Once you have committed to seeking guardianship of your parent, the next step is [Read more…] The post Guardianship Attorneys Explain How to Petition for Guardianship appeared first on Hedeker Law.
Over the last several decades, trusts have become an increasingly popular addition to a well-rounded and comprehensive estate plan. One reason for this is the numerous and diverse estate planning goals you can achieve with a trust. Although there are a seemingly endless number of specialized trusts, one thing that all trusts have in common is the need to appoint a Trustee to administer the trust. The Waukegan living trust attorneys at Hedeker Law, Ltd. explain why appointing a professional Trustee may be your best choice when you create your trust. Trust Basics for the Beginner At its most basic, [Read more…] The post Waukegan Living Trust Attorneys Explain Why a Professional Trustee May Be the Best Choice appeared first on Hedeker Law.
Creating a successful estate plan requires you to focus on several inter-related goals that go beyond simply deciding how your estate will be distributed when you are gone. Although those goals will not be the same for everyone, there are some estate planning components that are common to most plans. Incapacity planning is one of those components. The living trust attorneys at Hedeker Law, Ltd. explain how a trust can fit into your incapacity planning component of your estate plan. Why Is Incapacity Planning an Important Part of Estate Planning? When you think about estate planning you probably focus first [Read more…] The post Living Trust Attorneys Explain How a Trust Can Help with Incapacity Planning appeared first on Hedeker Law.
If you recently lost a family member, or other close loved one, the last thing you may wish to focus on right now is the legal ramifications of the decedent’s death. If, however, the decedent appointed you as Executor in his/her Last Will and Testament, you will need to focus on the probate of the estate. You may also need to focus on the probate process if your loved one died intestate (without a Will) and you appear to be the person elected to volunteer as the Administrator of the estate. For anyone who has never before acted as an [Read more…] The post Lincolnshire Estate Planning Attorneys Explain the Probate Process appeared first on Hedeker Law.
For the average person, the primary goal of estate planning is ensuring that family members are provided for in the event of death or disability. If that describes your number one reason for having an estate plan in place, ask yourself if you have included all of your family in that plan? How could you possibly forget a member of your family, you may be wondering. If you have a beloved pet that you consider part of the family, you may very well have failed to include Fido in your existing estate plan because you didn’t realize you could do [Read more…] The post Estate Planning Attorneys Remind You to Include Fido in Your Plan appeared first on Hedeker Law.