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.
If a person with an interest in the estate, such as an heir, beneficiary, or creditor of the decedent, believes the authenticity of a will is questionable, they have the right to contest the will in question. A will cannot be contested simply because interested parties are unsatisfied with its terms. Verbal confirmation of a will’s terms is not considered valid grounds to contest either.
If the decedent has a valid will, the person the decedent named as executor in the will is responsible for a full accounting of the estate, the distribution of assets and providing an estate accounting to anyone that is classified as an interested person or party. If there is no will, or an executor has not been named, an administrator appointed by the court will be responsible for the estate accounting, as well as all other duties expected of an executor.
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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.
In cases in which probate is required, the executor of the estate or the next of kin cannot take the actions necessary to administer the estate without the authority granted by the probate court. Probate is a complicated process that requires executors to prepare forms, meet deadlines, keep records, generate reports, submit filings to the court, and serve notices to creditors, heirs and local newspapers.
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?
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.
In cases in which probate is required, the executor of the estate or the next of kin cannot take the actions necessary to administer the estate without the authority granted by the probate court. Probate is a complicated process that requires executors to prepare forms, meet deadlines, keep records, generate reports, submit filings to the court, and serve notices to creditors, heirs and local newspapers.
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?
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.
In cases in which probate is required, the executor of the estate or the next of kin cannot take the actions necessary to administer the estate without the authority granted by the probate court. Probate is a complicated process that requires executors to prepare forms, meet deadlines, keep records, generate reports, submit filings to the court, and serve notices to creditors, heirs and local newspapers.
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?
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