A revocable living trust is one of the most common additions to a comprehensive estate plan. If you decide to incorporate a revocable living trust (RLT) into your estate plan you will need to appoint a Trustee. Often Settlor (creator) of an RLT is also the Trustee. If you decide to appoint yourself as the Trustee, you will still need to appoint a successor Trustee. Deciding who to appoint as the successor Trustee of your revocable living trust is often a much more important decision that you may realize. What Is a Revocable Living Trust? Trusts can be broadly divided [Read more…]
Using a Living Trust to Help Pay College Expenses for Your Grandchildren
One of the many benefits to being a grandparent is that you get to pick and choose which expenses you wish to help with and how much you wish to contribute – if at all – to the care and maintenance of your grandchildren. Most of the time, grandparents are who you turn to for the “extras,” which allows grandparents to spoil the grandkids. One common expense that many grandparents choose to help with is the high cost of a college education. If you are planning to contribute to your grandchildren’s college expenses, the Waukegan living trust attorneys explain why [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…]
What Are Living Trusts Used For?
When the topic of estate planning comes up, there are some terms that you are likely to hear discussed. The purpose of a Last Will and Testament, for example, is sure to come up at some point. Another common estate planning tool is a living trust. What are living trusts used for though? Before you can decide if a living trust should be added to your estate plan, you need to know the answer to that question. Understanding Trusts A trust is a separate legal entity that owns and holds property for the benefit of one or more beneficiaries. All [Read more…]
What Are Living Trusts Used For?
When the topic of estate planning comes up, there are some terms that you are likely to hear discussed. The purpose of a Last Will and Testament, for example, is sure to come up at some point. Another common estate planning tool is a living trust. What are living trusts used for though? Before you can decide if a living trust should be added to your estate plan, you need to know the answer to that question. Understanding Trusts A trust is a separate legal entity that owns and holds property for the benefit of one or more beneficiaries. All [Read more…]
