If you have a valid Last Will and Testament in place, the odds are good that your appointed someone very close to you (spouse, adult child, best friend) to be the Executor of your estate. While that choice isn’t always a poor one, it often is. The problem is that most people do not really know what probate entails. As such, they give very little thought to the appointment of their Executor when, in fact, your Executor will directly and usually significantly impact how your estate is handled after you are gone. To ensure that your estate is handled as [Read more…] The post Lincolnshire Estate Planning Lawyers Explain the Role of Executor 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.
Were you notified that a recently deceased loved one named you as the Executor of his or her estate? If so, you may be struggling to focus on the duties and responsibilities an Executor has during the probate of an estate giving the fact that you are undoubtedly also still grieving the loss of your loved one. If you have never served as an Executor before, you may not even know where to begin. To help you organize your responsibilities, the Lincolnshire estate planning lawyers at Hedeker Law, Ltd. have put together an Executor’s checklist that you may find beneficial. [Read more…] The post Lincolnshire Estate Planning Lawyers Offer an Executor s Checklist appeared first on Hedeker Law.
Have you put off creating your estate plan because you don’t know where to start? Or maybe because you aren’t sure what components you should include in your plan? If either, or both, of those apply to you, you are not alone. Surveys tell us that over half of all Americans have yet to create an estate plan, despite understanding the importance of having one in place. Like you, most of those people admit that not knowing where to start and/or what to include in the plan is the reason for their procrastination. Working one on one with an experienced [Read more…] The post Vernon Hills Estate Planning Lawyers Explain 10 Steps to Creating an Estate Plan appeared first on Hedeker Law.
A comprehensive estate plan will typically include a wide range of estate planning tools and strategies in order to fulfill all of the various estate planning goals. Although a Last Will and Testament often serves as the foundation of an estate plan, another common tool found in the average estate plan is a trust agreement. Unfortunately, there are a number of myths and misconceptions people share about trusts that often cause them to shy away from considering a trust for their estate plan. In an effort to try and dispel some of those myths, the trust lawyers at Hedeker Law, [Read more…] The post Trust Lawyers Share Common Myths about Trusts appeared first on Hedeker Law.
When you contemplate your estate plan, the first thing that comes to mind is probably a Last Will and Testament. Most people associate a Will with estate planning; however, there is another option for the foundation of your estate plan – a trust agreement. In fact, there are a number of benefits to using a trust instead of a Will as your primary estate planning document. To help you make the right decision for your plan, the Lincolnshire living trust lawyers at Hedeker Law, Ltd. explain the benefits of using a trust instead of a Will. Estate Planning Basics Like [Read more…] The post Lincolnshire Living Trust Lawyers Explain the Benefits of Using a Trust Instead of a Will appeared first on Hedeker Law.
Estate planning, when done properly, involves a number of inter-related goals and objectives that all come together in one cohesive plan. Although the primary reason for your estate plan might be to ensure that your estate assets are distributed according to your wishes after you are gone, that is likely not your only goal. In addition, there are a number of other considerations that can have a direct impact on that goal. For example, have you considered the impact your estate’s liquidity will have on your overall estate plan? To ensure that you do, the estate planning lawyers at Hedeker [Read more…] The post Estate Planning Lawyers Explain Why Estate Liquidity Is So Important appeared first on Hedeker Law.