You may be wondering what can the new White House Dog "Bo" teach us about estate planning. For many families, their dog(s) are part of their family and should be part of their estate plan. Pet Trusts are Trust designed for Pets such as "Bo". In Illinois, Pet Trusts are legal and a proper estate planning technique.
Obviously, if you are going to estate plan for your Pet, you should also plan for guardianship of your minor children. A guardian is a person that is legally responsible for your minor children such as paying school expenses, decided which school your children will attend, and the type of punishment or reward your children will have.
How Do You Pick an Executor or Trustee? An executor is in charge of implementing your Will and a Trustee is legally responsible for following your written wishes via your Revocable "Living" Trust. These are factors to consider:
1. Responsible with Money;
2. Similar Values as You or You Would Want;
3. School District & Neighborhood of Prospective Guardian;
4. Follows Rules;
5. Plays Well with Others;
6. Honest & Ethical;
7. Respected by Beneficiaries
Sean L. Robertson, Esq. (Tax) is a Wealth Preservation Attorney that concentrates in Wills, Trusts, Elder Law, Probate, & Asset Protection law. Sean Robertson can be reached at 312-498-6080 or RobertsonLawGroup@gmail.com. Check out www.chicagoridgelaw.blogspot.com for more informational articles or www.RobertsonLawGroup.com/blog.htm.
Key Words: Pet Trusts, Elderly, Senior, Wills, Trusts, Executor, Trustee, & Probate
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