If you are fortunate enough to have amassed a decent sized estate over the course of your lifetime, you may plan to pass some, or all, of that estate down to your children and/or other loved ones. The conventional method used to pass down assets is gifting them through a Last Will and Testament. What happens, however, if you are concerned about handing a beneficiary a sizeable inheritance all at one time? The Lincolnshire trust lawyers at Hedeker Law, Ltd. explain how using a revocable living trust allows you to avoid passing down a lump sum inheritance. Why Would a [Read more…]
How to Use an Irrevocable Living Trust to Protect Assets
When you create your initial estate plan the focus will likely be on the distribution of your estate assets in the event of your unexpected death. As you mature, and your assets grow, you will likely want to add additional components to your estate plan to reflect the changes in your life and priorities. For example, if you now have a moderate to large estate, you need to start thinking about protecting your estate assets from a variety of potential threats. After all, if you fail to protect your estate assets during your lifetime there won’t be any left to [Read more…]
Why Choose a Living Trust to Distribute Your Estate?
When you contemplate creating an estate plan to distribute your estate assets after you are gone you likely envision using a Last Will and Testament to accomplish that distribution of assets. A Will certainly can be used to distribute your assets; however, there is another popular option. A living trust can also be used as the primary vehicle for distributing your estate. Of course you should consult with your estate planning attorney before deciding which option is better for you; however, learning the benefits of using a living trust to distribute your estate may help you make your ultimate decision. [Read more…]
Who Should You Trust with Trust Administration?
A comprehensive estate plan will incorporate numerous estate planning tools and strategies into the overall plan. One of the most popular additions to a well thought out estate plan is a trust. If you choose to include a trust in your estate plan, you will need to decide who to trust with your trust administration. Choosing your Trustee is something you should do with care after giving the matter plenty of thought given the importance of the Trustee to the overall success of your trust. What Type of Trust Are You Creating? At its most basic, a trust is a [Read more…]
Lincolnshire Estate Planning Lawyers Explain How a Life Insurance Trust Can Help
Although every estate plan is as unique as the person who creates the plan, there are some estate planning tools and strategies that are commonly found in an estate plan. A trust is at the top of that list. Although once used almost exclusively by very wealthy families as a way to pass down the family fortune without paying taxes on the transfer, both the law and trusts have evolved over time to the point where the average person can benefit from including a trust in his/her estate plan. One specific type of trust, a life insurance trust, can be [Read more…]
Trust Administration and the Testamentary Trust
Most people choose to execute a Last Will and Testament as the foundation for their estate plan. As they build on that plan they add additional estate planning tools and strategies to the plan. One of the most common additions to a comprehensive estate plan is a trust agreement. If you are the parent of a minor child, for example, you may wish to add a testamentary trust to your plan as a way to protect your minor child’s inheritance in the event something happens to you before your child reaches adulthood. If you do decide to include a testamentary [Read more…]
Living Trust Attorneys Explain How a Trust Can Help with Incapacity Planning
Creating a successful estate plan requires you to focus on several inter-related goals that go beyond simply deciding how your estate will be distributed when you are gone. Although those goals will not be the same for everyone, there are some estate planning components that are common to most plans. Incapacity planning is one of those components. The living trust attorneys at Hedeker Law, Ltd. explain how a trust can fit into your incapacity planning component of your estate plan. Why Is Incapacity Planning an Important Part of Estate Planning? When you think about estate planning you probably focus first [Read more…]
Trust Administration Mistakes to Avoid
One of the most common additions to a comprehensive estate plan is a trust agreement. Once used almost exclusively by the wealthy as a mechanism by which they could pass down the family fortune to succeeding generations, trusts are now frequently found in the average person’s estate plan and are used to accomplish a multitude of estate planning goals. Although every trust agreement is unique, one thing all trusts have in common is a Trustee who is charged with administering the trust agreement. Appointed by the Settlor (creator of the trust), a Trustee has a wide range of duties and [Read more…]
Do I Need a Living Trust Lawyer to Create a Simple Trust?
When it comes to the subject of estate planning, most people acknowledge the need to have an estate plan in place; yet, over half of all Americans do not have one. Of the many reasons people offer for why they have yet to create an estate plan, a lack of both time and money top the list. Without a doubt, the average American lives a busy life and finding the time to consult with an attorney may be difficult. It is also true that going the “Do-It-Yourself (DIY)” route saves money that would otherwise be spent on an attorney. You [Read more…]
Do I Need a Trust Attorney to Settle a Living Trust?
Probate avoidance is one of the most common estate planning goals. Given the time and expense involved in probating an estate, it is not surprising that many people try to set up their estate plan in a way that avoids probate altogether. A common tool used when trying to avoid probate is a revocable living trust. If you recently lost a loved one who left behind a living trust, you may be wondering if you need a trust attorney to help you settle the trust. In most cases, the answer is “yes.” There are, however, several factors that you should [Read more…]