When you sit down to create your estate plan a wide variety of decisions will have to be made, starting with deciding on your estate planning goals and objectives. From there, you must decide what estate planning tools and strategies are best suited to achieving those goals and objectives. The unique nature of an estate plan means that no two plans are exactly alike; however, there are common components found in many plans. Trust agreements, for example, are frequently included in a … [Read more...] about Free Report: Illinois Trust Agreements – Why You Should Consider One for Your Estate Plan
Revocable Living Trust
Trusts have become an increasingly popular addition to a comprehensive estate plan due in large part to the various estate planning benefits a trust offers. If you already include a trust in your estate plan, or are considering the addition of one, you should know how to revoke that trust if you decide to down the road. More specifically, you need to know if you will be able to revoke a trust at all should you change your mind in the future. Trusts have evolved to the point where even the … [Read more...] about How Can You Revoke A Trust?
If you have recently been appointed to serve as a Trustee of a family member's Trust, then the first thing that you need to do is to learn what your duties are. Managing a Trust is not as simple as making sure that all of the assets of the Trust are in a savings account and available when the beneficiaries need them. The first thing that you need to do is to read the Trust documentation and see what directions are given. The language is likely to be confusing, so you should go over the Trust … [Read more...] about A Trustee’s Role
A common question for married couples about estate plans is whether they should have one Revocable Living Trust for both of them or one for each of them. The answer to the question depends on the couple's situation and who they want to have as the beneficiaries of the Revocable Living Trust. In a first marriage where the couple agrees about who to leave assets to and in what proportion to leave them, most couples choose to have one Revocable Living Trust. There is not a need to have more than … [Read more...] about How Many Trusts Should Spouses Have?
Most people do not stop acquiring new assets after they make an estate plan. They need to have an estate plan that takes later acquired assets into account and distributes them appropriately. There are many ways to do this and the best way depends on the specifics of your estate plan. If your main tool for your estate plan is a Revocable Living Trust, you can acquire new assets in the name of the Trust instead of acquiring them in your own name. Doing so ensures that the new assets will be … [Read more...] about Acquiring Assets After Your Estate Plan