A well rounded and comprehensive estate plan is likely to have at least one trust in the plan. One reason trusts are so commonly found within estate plans is the numerous and varied goals a trust can help achieve. You may, for example, have created a trust to help you with your overall goal of asset protection. Now, several years later, you want to change the Trustee of that trust. As a Lincolnshire asset protection trusts attorney at Hedeker Law, Ltd. explains, you cannot change the Trustee of your asset protection trust which is why appointing the right Trustee when [Read more…]
Do I Need to Be Wealthy to Benefit from a Family Wealth Trust?
When you initially sit down to create an estate plan, a Last Will and Testament may be all you need to ensure that you don’t leave behind an intestate estate in the event of your death. A Will can distribute your entire estate; however, as your estate and your family both expand, you may find that a Will is no longer sufficient to meet all your estate planning needs. At that point, you may decide to incorporate a Family Wealth Trust into your estate plan. Despite the name, a Family Wealth Trust is not only for the wealthy, as explained [Read more…]
Factors to Consider When Choosing a Trustee
Like many people, you may find yourself incorporating a trust into your overall 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. The Trustee contributes greatly to the success, or failure, of a trust which is why care should be taken when choosing a Trustee. The Lincolnshire trust administration lawyers at Hedeker Law, Ltd. offer some good factors to consider when choosing your Trustee. What Is a Trust? A trust is [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…]
What Can I Do If the Trustee is Unresponsive?
One of the most common additions to a comprehensive estate plan is a trust. In fact, people frequently choose to use a trust instead of a Last Will and Testament to distribute the majority of their estate assets after they are gone. If you are a named beneficiary in a trust it means that you are entitled to benefit from the assets held in the trust. The Trustee of the trust is responsible for distributing those assets according to the terms of the trust as created by the Settlor (the person who established the trust). What can you do, however, [Read more…]
Choose Your Fiduciaries Carefully
Estate planning is a very complex undertaking and one that never really reaches a conclusion. You will likely continue to make changes to your estate plan right up to the end of your life. One of the most important aspects of estate planning is choosing people for the fiduciary roles within your plan. This is also an area where people frequently make mistakes. A Waukegan trust administration attorney from Hedeker Law, Ltd. explains the importance of choosing your fiduciaries carefully when creating, or updating, your estate plan. What Is a Fiduciary? The law defines a fiduciary as “a person who [Read more…]
Can a Beneficiary Be a Trustee of an Irrevocable Life Insurance Trust?
Trusts have become an extremely popular addition to the average estate plan in recent decades. In fact, trusts have evolved to the point where there is a specialized trust to fit almost any estate planning goal. One such trust is an irrevocable life insurance trust, or ILIT. If you are considering the inclusion of an ILIT in your estate plan, you may be wondering if a beneficiary can also be the Trustee of an Irrevocable Life Insurance Trust. What You Need to Know about Trusts A trust is a relationship whereby property is held by one party for the benefit [Read more…]
Who Should Administer Your Child’s Inheritance Trust?
When you become a parent for the first time, estate planning takes on a heightened importance. Not only is their an increased need to leave assets behind to provide for your child if something were to happen to you, but care must also be taken in the manner in which those assets are left for your child. Even if you wanted to leave assets to your child directly, as a minor your child cannot legally inherit directly from your estate. For many parents, the answer is to leave a child’s inheritance in a trust. The Lincolnshire trust administration attorneys at [Read more…]
Who Should I Appoint as the Trustee of My Living Trust?
Like many people, you may have decided to incorporate a living trust into your comprehensive estate plan. If so, you will need to make some important decisions during the creation of your trust that will directly impact the success, or failure, of your trust. Among the most important of those decisions is your choice of a Trustee. To help you choose the best Trustee for your trust, the Waukegan living trusts attorney at Hedeker Law, Ltd. discuss some of the factors that should be considered when selecting a Trustee. Trust Fundamentals A trust is a separate legal entity that owns [Read more…]
Can a Beneficiary Remove a Trustee?
Finding out that you are the beneficiary of a trust is typically welcome news. After all, that often means you will receive a steady income stream from the trust for some time to come. That is, of course, as long as the Trustee administers the trust and manages the trust assets successfully. What can you do is that is not the case? If you believe the Trustee is not doing a good job fulfilling his/her duties as Trustee – or worse, you believe the Trustee is engaged in some type of nefarious conduct – is there anything you can do? [Read more…]