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.
Hopefully, you are aware of the importance of having an estate plan in place. Despite that awareness, you may have put off creating your plan. Like many people, the concept of estate planning may be a bit intimidating given the importance of the final product and the fact that you are unfamiliar with many of the concepts and strategies. Because we understand that, the Vernon Hills estate planning lawyers at Hedeker Law Ltd have made estate planning more user-friendly by creating the following 10 steps to creating an estate plan. Define your goals. A comprehensive estate plan should accomplish more [Read more…] The post Vernon Hills Estate Planning Lawyers Explain 10 Steps to Creating an Estate Plan appeared first on Hedeker Law.
Most people equate the concept of estate planning with creating a plan for the distribution of their estate assets after their death to ensure that loved ones are provided for in their absence. This is certainly understandable as that is one of the primary functions of the average estate plan. When you think about protecting and providing for your loved ones, however, your death is not the only reason to have a plan in place. What happens if you become incapacitated tomorrow? Do you have a plan in place that protects you and your loved ones for that potential scenario? [Read more…] The post Can Estate Planning Lawyers Help with Incapacity Planning? appeared first on Hedeker Law.
For most people, one of the primary reasons they create an estate plan is to ensure that the State of Illinois does not get to decide what happens to their estate assets after their death. If that is one of your primary estate planning goals, you should consider the likelihood of someone contesting your Last Will and Testament and plan accordingly. If someone launches a successful Will contest, your efforts to determine the fate of your assets will be in vain and the State intestate succession laws will be used to distribute your estate. One of the grounds used to [Read more…] The post Vernon Hills Estate Planning Lawyers: Tips to Prevent Will Challenges Based on Capacity appeared first on Hedeker Law.
Your Last Will and Testament will likely serve as the cornerstone of your estate plan; however, if you create a more comprehensive plan, you will undoubtedly include additional estate planning tools and strategies. One of the most common of those estate planning tools is a trust agreement. Trusts have become increasingly popular in recent years due, in large part, to the flexible nature of the trust and the numerous estate planning goals that can be achieved using a trust. If you are contemplating the addition of a trust to your estate plan, be sure to avoid making a common mistake [Read more…] The post Lincolnshire Trust Administration Lawyers Offer Tips for Choosing a Trustee appeared first on Hedeker Law.