Congratulation to the Riddle Family! They won a Free Estate Plan at the "Celebrate Wilmette/Kenilworth Living" Expo.
Estate Planning is the process people
use to decide the following:
What Assets People Own Or Control
Who Shall Manage Those Assets Upon The Person's Death Or Disability
What They Want To Have Happen To Those Assets
How They Want Those Selected Beneficiaries To Receive Those Assets
How To Minimize The Cost and Risk Associated With The Transfer Of Their Assets To Their Beneficiaries
Who Should Care for Minor Children Upon The Death Of Both Parents
When putting together your plan of Guardianship, Powers of Attorney, Will, and Trust, you begin to structure your Estate.
All wills go through the probate process. The probate process is process where the court decides and approves the management transfer of assets in a person's name upon their death. And because it is a court proceeding, the end result will be in the public record.
Probate does not include
Probate does involve
Time and Cost
While each case is different, a good rule of thumb is that it will take anywhere between 18 and 24 months to go through the probate process. Costs associated with probate may include:
A Living Trust is an entity for the ownership and management of assets. It is established and funded by the Grantor during their lifetime. A trust revolves around three classes of people, the Grantor, the Trustee, and the Beneficiary. Typically during the Grantor's lifetime they are all three classes and have sole discretion as to what assets are in the trust or not.
The Grantor is the person who establishes the Trust
The Trustee manages the Trust for the benefit of the Beneficiary
The Beneficiary benefits from the assets in the Trust
When the Grantor/Trustee dies or is disabled the person designated in the Trust itself automatically becomes the successor Trustee
Time and Cost