In this article we compare First Party special needs trusts and Third Part special needs trusts in Illinois. A trust is a legal bonding of three parties, including a donor who supplies trust funds, a trustee who holds and administers the trust funds, and a beneficiary who receives the benefits of funds. A special needs trust is designed to financially care and provide for a person with special needs without jeopardizing any assistance received from governmental programs.
A trust accounting must be made and properly reported to involved parties a minimum of once per year, with the exception of beneficiaries who have chosen to waive that right. If the trust is revocable, the trustee only needs to make a yearly accounting to the settlor, which is a person who opened the account. If the trust is irrevocable, the trustee needs to provide a yearly accounting to all of the beneficiaries, including current, contingent and remainder beneficiaries.
An estate accounting is a document made by an executor or administrator of an estate which contains all of a decedent’s assets and instructions for how those assets have been or will be distributed. An executor is typically named in the decedent’s will and approved by the court, as long as the representative is fit to serve as executor. In the absence of a will or nomination of an unfit candidate, the court will assign a representative to act as administrator for the case.
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Trust litigation occurs when the court is needed to resolve any disputes over your trust. Some of the most common causes of these disputes are around questions of the legality of the trust. This can include but are not limited to questioning the sound mind of the trustor/deceased at the time of writing the trust, accusations of fund misuse by the trustee, or suspicion of manipulation or coercion upon the trustor/deceased. If these conflicts reach the level where the family cannot agree, parties may seek legal representation to dispute the trust, which will begin trust litigation.
Choosing a trustee is, perhaps, the most difficult decision you must make when completing an estate plan. Do you choose a family member or friend to be trustee? Why would you want a professional trustee? What should I look for in a trustee? What are the advantages of choosing a professional trustee?
Probate is a court case that is sometimes necessary in order for an estate's executor or administrator to collect the property of a deceased individual the decedent and distribute that property to the decedent's heirs and beneficiaries. A probate case is typically opened in the state in which the decedent primarily resided. However, if the decedent owned property in states other than his or her primary residence, the executor or administrator may need to open secondary probate cases in those states in order to gain control of the property in those states. These cases are known as "ancillary probate" cases.
Trust litigation occurs when the court is needed to resolve any disputes over your trust. Some of the most common causes of these disputes are around questions of the legality of the trust. This can include but are not limited to questioning the sound mind of the trustor/deceased at the time of writing the trust, accusations of fund misuse by the trustee, or suspicion of manipulation or coercion upon the trustor/deceased. If these conflicts reach the level where the family cannot agree, parties may seek legal representation to dispute the trust, which will begin trust litigation.
Choosing a trustee is, perhaps, the most difficult decision you must make when completing an estate plan. Do you choose a family member or friend to be trustee? Why would you want a professional trustee? What should I look for in a trustee? What are the advantages of choosing a professional trustee?
Probate is a court case that is sometimes necessary in order for an estate's executor or administrator to collect the property of a deceased individual the decedent and distribute that property to the decedent's heirs and beneficiaries. A probate case is typically opened in the state in which the decedent primarily resided. However, if the decedent owned property in states other than his or her primary residence, the executor or administrator may need to open secondary probate cases in those states in order to gain control of the property in those states. These cases are known as "ancillary probate" cases.
Trust litigation occurs when the court is needed to resolve any disputes over your trust. Some of the most common causes of these disputes are around questions of the legality of the trust. This can include but are not limited to questioning the sound mind of the trustor/deceased at the time of writing the trust, accusations of fund misuse by the trustee, or suspicion of manipulation or coercion upon the trustor/deceased. If these conflicts reach the level where the family cannot agree, parties may seek legal representation to dispute the trust, which will begin trust litigation.
Choosing a trustee is, perhaps, the most difficult decision you must make when completing an estate plan. Do you choose a family member or friend to be trustee? Why would you want a professional trustee? What should I look for in a trustee? What are the advantages of choosing a professional trustee?
Probate is a court case that is sometimes necessary in order for an estate's executor or administrator to collect the property of a deceased individual the decedent and distribute that property to the decedent's heirs and beneficiaries. A probate case is typically opened in the state in which the decedent primarily resided. However, if the decedent owned property in states other than his or her primary residence, the executor or administrator may need to open secondary probate cases in those states in order to gain control of the property in those states. These cases are known as "ancillary probate" cases.
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