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.
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.
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.
When it comes to the subject of estate planning, most people acknowledge the need to have an estate plan in place; yet, over half of all Americans do not have one. Of the many reasons people offer for why they have yet to create an estate plan, a lack of both time and money top the list. Without a doubt, the average American lives a busy life and finding the time to consult with an attorney may be difficult. It is also true that going the “Do-It-Yourself (DIY)” route saves money that would otherwise be spent on an attorney. You [Read more…] The post Do I Need a Living Trust Lawyer to Create a Simple Trust? appeared first on Hedeker Law.