When a person dies and their estate enters into probate creditors will have the opportunity to file a claim against the estate. Anyone who has an action against the decedent may file a claim against the estate, including claims for breach of contract, torts, collection of a debt, and any other types of liabilities. Generally, the statute of limitations for probate claims in Illinois provides that a collector has up to two years following the death of the person in question to file a claim against the estate.
When drafting a trust, choosing the right trustee is a very important decision. This individual or entity will be tasked with following the responsibilities set forth in the trust. These responsibilities can be as simple as making sure the estate’s assets are properly disbursed among the beneficiaries, or as complex as overseeing the continued financial success of stocks, assets, investments, etc. The trustee is obligated to carry out the terms of the trust in good faith and to the best of his or her abilities within reason. If the trustee makes informed decisions.
When a minor inherits property in Illinois, how that property will be dealt with depends on whether the decedent (the person from whom the property is inherited) dies with a will, with a trust, or without either (intestate). In this article, we will explain the results of the different potential scenarios.
We offer free, paid & online consultation in nearly every area of law throughout Illinois and Iowa. We have a range of options to assist you with your legal needs.
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When drafting a trust, choosing the right trustee is a very important decision. This individual or entity will be tasked with following the responsibilities set forth in the trust. These responsibilities can be as simple as making sure the estate’s assets are properly disbursed among the beneficiaries, or as complex as overseeing the continued financial success of stocks, assets, investments, etc. The trustee is obligated to carry out the terms of the trust in good faith and to the best of his or her abilities within reason. If the trustee makes informed decisions.
Depending on the financial and familial needs of a client, there a number of options available in the estate planning process. One such tool is a spendthrift trust. A spendthrift trust can be considered a type of living trust. Ultimately, a spendthrift trust is a useful tool when the grantor wants to limit access of the assets to the beneficiary, avoid probate for the assets listed in the trust, and protect certain assets from creditors.
Totten trusts are essentially bank accounts with a named beneficiary. They are another tool in your estate planning toolkit and can help some of your assets avoid probate upon death. You may have also heard the term, “payable-on-death account” used interchangeably with Totten trust, and that’s because they are basically the same thing. They are both informal revocable trusts that are made when the account holder signs an agreement with the bank which details instructions on how to distribute the contents of the account to the named beneficiaries upon the death of the account holder.
We offer free, paid & online consultation in nearly every area of law throughout Illinois and Iowa. We have a range of options to assist you with your legal needs.
We offer free, paid & online consultation in nearly every area of law throughout Illinois and Iowa. We have a range of options to assist you with your legal needs.
When drafting a trust, choosing the right trustee is a very important decision. This individual or entity will be tasked with following the responsibilities set forth in the trust. These responsibilities can be as simple as making sure the estate’s assets are properly disbursed among the beneficiaries, or as complex as overseeing the continued financial success of stocks, assets, investments, etc. The trustee is obligated to carry out the terms of the trust in good faith and to the best of his or her abilities within reason. If the trustee makes informed decisions.
Depending on the financial and familial needs of a client, there a number of options available in the estate planning process. One such tool is a spendthrift trust. A spendthrift trust can be considered a type of living trust. Ultimately, a spendthrift trust is a useful tool when the grantor wants to limit access of the assets to the beneficiary, avoid probate for the assets listed in the trust, and protect certain assets from creditors.
Totten trusts are essentially bank accounts with a named beneficiary. They are another tool in your estate planning toolkit and can help some of your assets avoid probate upon death. You may have also heard the term, “payable-on-death account” used interchangeably with Totten trust, and that’s because they are basically the same thing. They are both informal revocable trusts that are made when the account holder signs an agreement with the bank which details instructions on how to distribute the contents of the account to the named beneficiaries upon the death of the account holder.
When drafting a trust, choosing the right trustee is a very important decision. This individual or entity will be tasked with following the responsibilities set forth in the trust. These responsibilities can be as simple as making sure the estate’s assets are properly disbursed among the beneficiaries, or as complex as overseeing the continued financial success of stocks, assets, investments, etc. The trustee is obligated to carry out the terms of the trust in good faith and to the best of his or her abilities within reason. If the trustee makes informed decisions.
Depending on the financial and familial needs of a client, there a number of options available in the estate planning process. One such tool is a spendthrift trust. A spendthrift trust can be considered a type of living trust. Ultimately, a spendthrift trust is a useful tool when the grantor wants to limit access of the assets to the beneficiary, avoid probate for the assets listed in the trust, and protect certain assets from creditors.
Totten trusts are essentially bank accounts with a named beneficiary. They are another tool in your estate planning toolkit and can help some of your assets avoid probate upon death. You may have also heard the term, “payable-on-death account” used interchangeably with Totten trust, and that’s because they are basically the same thing. They are both informal revocable trusts that are made when the account holder signs an agreement with the bank which details instructions on how to distribute the contents of the account to the named beneficiaries upon the death of the account holder.
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