Though once thought of as only benefitting the wealthiest among us, trusts are now commonly used by the average person to accomplish a wide range of estate planning goals. In fact, you may find that you incorporate more than one trust into your comprehensive estate plan as your plan grows over the years. You may also find that you want to make changes, or modify, a trust that you created some time ago. You may be surprised to learn that modifying a trust is often easier than making changes to your Last Will and Testament; however, if the proper steps [Read more…]
Waukegan Trust Administration Attorneys Explain Trust Basics
Most people start off their estate plan with fairly simple goals that can be accomplished using nothing more than a Last Will and Testament. That plan, however, will likely need to be reviewed and expanded upon as the family and the estate grow over the years. If you find yourself in a position where it is time to expand upon your basic estate plan, you may be considering the addition of a trust as part of that expansion. If you will be creating a trust for the first time, it is important for you to learn as much as possible [Read more…]
Trust Lawyers Share Common Myths about Trusts
A comprehensive estate plan will typically include a wide range of estate planning tools and strategies in order to fulfill all of the various estate planning goals. Although a Last Will and Testament often serves as the foundation of an estate plan, another common tool found in the average estate plan is a trust agreement. Unfortunately, there are a number of myths and misconceptions people share about trusts that often cause them to shy away from considering a trust for their estate plan. In an effort to try and dispel some of those myths, the trust lawyers at Hedeker Law, [Read more…]
Lincolnshire Living Trust Lawyers Explain the Benefits of Using a Trust Instead of a Will
When you contemplate your estate plan, the first thing that comes to mind is probably a Last Will and Testament. Most people associate a Will with estate planning; however, there is another option for the foundation of your estate plan – a trust agreement. In fact, there are a number of benefits to using a trust instead of a Will as your primary estate planning document. To help you make the right decision for your plan, the Lincolnshire living trust lawyers at Hedeker Law, Ltd. explain the benefits of using a trust instead of a Will. Estate Planning Basics Like [Read more…]
Trust Attorneys– Types of Trusts Explained
One of the most common tools used when creating a comprehensive estate plan is a trust agreement. Most people are familiar with the concept of a trust; however, the details can be a bit murky. If you are considering the use of a trust in your estate plan, deciding on which type of trust is best for your needs and goals is the first step toward incorporating a trust into your plan. Although it is always best to consult with your Illinois estate planning attorney before you make a firm decision about the type of trust you need, it may [Read more…]
Vernon Hills Trust Attorneys Explain Funeral and Burial Trusts
Although thinking about your own death, and the subsequent funeral and burial, may not be something you enjoy doing, it is wise to do so as part of your comprehensive estate plan. Including a funeral planning component in your estate plan ensures that your wishes are honored when the time comes and protects your loved ones from having to make difficult decisions during a time of heightened emotions and increased stress. One estate planning tool often included in a funeral component is a funeral an Irrevocable Life Insurance Trust (ILIT), often referred to as a funeral or burial trust. The [Read more…]
