When you think about the priorities in your estate plan, you likely think about the need to ensure that your loved ones are provided for in your absence. That causes you to focus on creating a plan to distribute your estate assets according to your wishes. While it is always important to focus on how your estate assets will be passed down to loved ones, it is equally important to incorporate tools and strategies in your estate plan that help to protect those assets while you are alive. Many of the basic asset protection concepts apply to anyone who wishes [Read more…]
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Is It Hard to Contest a Will?
Losing a loved one is an emotionally draining experience, which is usually not the best time to make important decisions. If, however, you question the authenticity of the decedent’s Last Will and Testament, you will need to decide whether or not to pursue a Will contest. Contesting a Will is often a lengthy, and emotionally draining, experience. If you have reason to believe that the Will submitted for probate is not a valid Will, and the outcome of the probate process will directly affect you, it may indeed be in your best interest to initiate a Will contest. Every Will [Read more…]
Living Trusts and Probate
Although your initial estate plan will likely be fairly simple, at some point in time you will likely update that plan to account for your growing estate and/or family. That will likely mean the addition of estate planning tools and strategies that will help you manage your estate assets and protect both your assets and the people you love. One of the tools you may consider adding to your plan is a living trust. Understanding the relationship between living trusts and probate may help you decide if a living trust is right for your estate plan. Why You Might Need [Read more…]
Why Is a Trust a Better Way to Pass Down an Inheritance to Your Children?
We have all been taught from a young age that having a Last Will and Testament in place is imperative. We are also all taught that a Will can be used to leave an inheritance behind for our children. While it remains important to have a Will in place, and it is true that a Will can be used to gift assets to your children, the Lincolnshire estate planning attorneys at Hedeker Law, Ltd. explain why a trust is often the better choice for passing down an inheritance to your children. How Does a Trust Work? All trusts are fundamentally the [Read more…]
Why Are Senior Suicide Rates So High?
We all know that our elderly parents, and other loved ones, are nearing the end of their lives. We do the best we can to prepare for their passing, whether as a result of illness or old age; however, we don’t usually even consider the possibility that the cause of death will be suicide. The truth though, is that senior suicide rates are high, according to a recent news article. How Serious Is the Senior Suicide Problem? According to a recent article in Today’s Geriatric Medicine, in 2005, the most recent year for which statistics are available, there were 5,404 [Read more…]
10 Questions to Ask When Choosing a Trustee for Your Living Trust
Like many people, you may find yourself including a living trust in your estate plan. If so, you will need to make a number of decisions during the creation of that trust. Among the most important of those decisions will be deciding who to appoint as the Trustee of your trust. A Lincolnshire living trust attorney at Hedeker Law, Ltd. offers some guidance in the form of 10 questions to ask when choosing a Trustee for your living trust. What Is a Living Trust? A trust is a legal relationship wherein property is held by one party for the benefit [Read more…]
Can a Married Couple Use Joint Tenancy until One Spouse Dies and then Set Up a Trust for the Survivor?
Estate planning often requires you to consider a number of inter-related goals at the same time. It also frequently involves the use of numerous tools and strategies to help achieve those goals. For a married couple, one of the most common estate planning concerns is ensuring that ownership of real property transfers seamlessly upon the death of one spouse. Along those lines, a common question married couples ask is “Can a married couple use joint tenancy until one spouse dies and then set up a trust for the survivor?” Understanding Joint Ownership in Illinois Almost any type of asset can [Read more…]
Why Might I Want to Create a Revocable Trust?
When the subject of estate planning comes up, creating a trust almost inevitably becomes part of the discussion. The reason for this is simple – trusts are flexible enough that numerous estate planning goals can be furthered using one of the various types of trusts. If you are unfamiliar with trusts, it will help to get a better idea why you might want to create a Waukegan revocable trust. What Is a Revocable Trust? A trust is a fiduciary legal arrangement that allows a third party, referred to as a Trustee, to hold assets on behalf of a beneficiary [Read more…]
Are Your Beneficiary Designations Current?
Creating a comprehensive estate plan is something that every adult should consider a priority. If you already have your estate plan in place, you are ahead of the majority of Americans. That does not mean, however, that you can rest on your laurels. On the contrary, once you have an estate plan in place you must make sure that plan stays current because an out of date estate plan is almost as dangerous as the absence of a plan. Specifically, a Waukegan estate planning attorney at Hedeker Law, Ltd., urges you to keep your beneficiary designations current. Where Might You [Read more…]
Why Should I Use a Living Trust to Distribute My Estate?
Your estate plan should grow right alongside you, your estate, and your family. Although you will probably initially rely on a Last Will and Testament to distribute your estate assets after you are gone, you +may consider changing that at some point down the road and using a living trust instead. The Lincolnshire living trust attorneys at Hedeker Law, Ltd. explain why you might ultimately decide to use a living trust instead of a Will to distribute your estate assets. Is Your Will Sufficient? Like most people, you probably started your estate plan by executing a Last Will and Testament. [Read more…]
