A comprehensive estate plan should help you accomplish a wide range of inter-related goals. Accomplishing those goals typically requires the use of a variety of estate planning tools and strategies. Among the most common of those is a revocable living trust. Understanding the benefits of revocable living trusts will help you decide if your estate plan could benefit from the addition of one. Trust Fundamentals A trust is a relationship whereby property is held by one party for the benefit of another. A Settlor (also referred to as a “Grantor” or “Trustor”) transfers assets into the trust that is then [Read more…]
Who Should Be My Trustee?
Although a Last Will and Testament remains the most common estate planning tool, trusts have steadily increased in popularity over the last several decades to the point where it is now very common to find one in the average estate plan. There are numerous different types of trusts that help achieve a wide variety of estate planning goals. One thing that all trusts have in common, however, is the need to appoint a Trustee to administer the trust. To help ensure that you appoint the right person as your Trustee, a Waukegan revocable living trusts attorney at Hedeker Law Ltd. [Read more…]
When Is a Revocable Trust the Best Choice?
Your initial estate plan probably consisted of little more than a Last Will and Testament. Over the years, you have hopefully recognized the need for a more extensive and comprehensive plan to protect your growing family and estate. Among the most common additions to a growing estate plan is a trust. Deciding which type of trust you need, however, can be a complicated undertaking. The estate planning attorneys at Hedeker Law, Ltd. offer some guidelines that may help you understand how Waukegan revocable trusts fit into your overall estate plan. Understanding Trusts Originally, trusts were used almost exclusively by wealthy [Read more…]