Serving as executor of a close confidante or loved one’s affairs requires a certain level of responsibility, but even the most responsible people can make errors along the way. If one of your loved ones passed away and left you in charge of his or her financial, legal and other affairs, you may feel overwhelmed and question whether you are doing everything you should be.
People who want to set up an estate plan for the benefit of those they love have many options. Some may decide to create a will, others may opt for a trust. When it comes to trusts, it is important to keep in mind that many options may be on the table, some of which have been covered in our other blog posts. For some people, such as those who have a loved one that is disabled, a special needs trust is the most sensible course of action. In this post, we will take a closer look into some of the reasons why these trusts are so beneficial for some families in Mokena and around Illinois.
If you have a child who has special needs and cannot completely take care of him or herself, you may want to consider guardianship when your child turns 18. Regardless of any medical or mental health issues, the law is clear that when a person turns 18 years old, he or she is a legal adult in Illinois. If you feel your child will not be able to care for him or herself and make adult decisions, your best option is to seek guardianship.
An executor's duties are to keep an estate in good financial condition. When the time comes, the executor distributes the assets as directed by the estate. Most people believe they have chosen a trustworthy and good executor, but sometimes executors prove they are not trustworthy to manage assets. If you suspect an executor of mismanaging assets of an estate in Illinois for which you are a beneficiary, you may take steps to stop him or her.
Succession planning is the process of turning your business over to the next generation of leaders. Many business owners dread this transition, as it signals the end of their involvement in an enterprise they worked so hard to build. However, succession planning doesn't have to be a stressful or negative experience, especially with the following tips from American Express.
When it comes to estate planning, you have probably heard many times how important and urgent the process is. Indeed, it is essential to have a plan in place indicating your final wishes and directions for your property. Too many people view a will as a one-size-fits-all estate planning solution, though, and this is not always the case. In fact, there are many reasons why a will may not be the best option.
If you are a beneficiary of a trust in Illinois and you have questions about how the trustee is handling the assets, you might be wondering if you can, and should, have him or her removed. Your hope is that the grantor of the trust thought everything through and made the best choice possible, but there are some valid and legitimate reasons why a trustee should be removed. Since the assets are being managed over many years, and are often substantial, it is important to make the best decision for everyone involved.