Month: June 2020
So…Will You Be My Trustee? Do You Want That Responsibility?
Many times trustees come to my office for guidance as to trustee duties. Most times the person appointing them as trustee has died. Sometimes, but not always, the trustee had no idea they were appointed!. Do (or should) they act as trustee? There is a misconception...
Minors and Homestead…Don’t Mix Well!
Last week in my blog, I discussed minors as beneficiaries of retirement plans, life insurance and other assets in an individual’s name. I used the example of Sheila and Joe dying together in a car crash and their minor children, Amanda and Dakota, receiving assets....
Really Sad Situation… More Reason to Plan
In the recent case of Wilson v. Wilson, a tragic accident and death created a dispute over the disposition of ashes of the remains of a son. A 23 year old son, single and with no children, died tragically in a automobile accident. His parents were the co-personal...
Single Family versus Multi-Family Home… Is Homestead Creditor Protection Available for Beneficiary if Owner Rented Rooms prior to his Death?
Single Family versus Multi-Family Home… Is Homestead Creditor Protection Available for Beneficiary if Owner Rented Rooms prior to his Death? In the recent case, Anderson v. Letosky, the District Court of Appeal for the Second District determined that a beneficiary...
Can You Terminate An Irrevocable Trust?
While an irrevocable trust technically means that it can not be revoked, changed or terminated prior to the terms of the trust, many changes and additions to the trust code permit a change or termination of an irrevocable trust under certain circumstances. As many...
Can You Reform an Invalidly Executed Trust?
What happens when a trust is not executed properly? Can the trust be reformed after the grantor’s death? In some cases, yes. However, in Kelly, et. al. v. Lindenau, the answer was not favorable. Ralph created a an Illinois trust in December 2006, properly executed...