Trusts have become almost commonplace in a well thought out estate plan due in large part to the flexibility they offer in reaching estate planning goals. If you are considering the inclusion of a trust in your estate plan, you will need to make a number of decisions during the creation of the trust, including who to appoint as the Trustee of your trust. If you have never before created a trust, you will also likely have a number of questions, such as whether a Trustee gets paid. The Lincolnshire trust administration attorneys at Hedeker Law Ltd. explain the role [Read more…]
How to Choose the Right Trustee for Your Waukegan Trust Administration
One of the most popular, and versatile, estate planning tools is a trust. A trust can help you achieve numerous estate planning goals, including asset protection, incapacity planning, probate avoidance, and long-term care planning, among others. No matter which type of trust you choose to include in your estate plan, you will need to appoint someone as the Trustee to administer the trust. Because your choice of Trustee will greatly contribute to the success, or failure, of your trust, you may find the following advice on choosing the right Trustee for your Waukegan trust administration helpful. What Is Involved in [Read more…]
Waukegan Trust Administration Attorneys Warn against Pitfalls
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…]
Waukegan Living Trust Attorneys Explain Why a Professional Trustee May Be the Best Choice
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…]
Waukegan Trust Administration Attorneys Answer Top 5 Questions
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…]
During Trust Administration, Can a Trustee Be Removed or Replaced?
At one time, trusts were predominantly used by wealthy families as a vehicle by which the family wealth could be passed down without incurring a tax obligation on the transfer of wealth. The tax laws have since changed to prevent a trust being used in that way; however, trusts are now more popular than ever. In fact, it is becoming increasingly common to find a trust in the estate plan of the average person. Although there are numerous different specialty trusts that help accomplish a wide range of estate planning goals, all trusts have one thing in common – the [Read more…]
