Page 26 - December 2018

Choosing the right executor/trustee
Some lines resonate with everyone. What parent can’t identify with the following?
When people ask me which child they should choose as the trustee of their living trust and exec- utor of their will, I always respond, “If you have had more than one child, you know the dif- ference.”
If you are married, your spouse will be the first appointment, with another person as successor. If you have children, the child you choose must be over 18. Your representative can be one of your beneficiaries. If it is to be your child, select the one
TOM TUOHY
Admit it, you smiled. Every one of your kids is a different human being, and they remind you of that fact every day. When you think of
it that way, honestly, you know who to choose for this responsibility.
Executor/trustee
An executor is your representative who handles all work on your estate in probate court: filing all necessary documents, paying all bills, collecting and maintaining all estate property, paying any taxes and distributing your assets to your benefi- ciaries.
A trustee has similar responsibilities. However, all of them are outside of probate court and eliminate the cost, time and burden of that avoidable process. Remember, you can prevent the average 18-month time and added expense of probate with a fully funded living trust.
Qualifications
First, decide if your representative will be a family member.
you know is the most responsible and is good with details and finances. You know who that is, and you know who that isn’t. Resist the temptation to name all your chil- dren to act together. You already know that hardly ever works in anything. In this role, it becomes a burden and an inconvenience to handle all responsibilities as a team. And that free spirit of yours — he or she does not
want this job.
If all your children are minors, then you will choose a trust-
ed adult, who can also be the child’s guardian named in your will. You can always amend your living trust to appoint a new trustee at a later date. The legal age of majority in Illinois is 18. However, the age of majority is often not the age of maturity. In a trust, you appoint your child at the appropriate age and also decide at what age your child receives his or her inheri- tance.
If your estate is complicated, or if you foresee issues among your beneficiaries, you can also appoint someone outside the family or a corporate trustee. If you do, you should factor in any added cost.
Review
As John Lennon sang, “Life is what happens to us when we are busy making other plans.” Because of life’s uncertainties and the many changes along the way, it is good to review your estate plan periodically. Always be sure you have appointed the appropriate person as trustee/executor and that your as- sets are to be distributed to the beneficiaries and at the proper time.
Remember:
• A will must be probated. The rule is no one can legally
sign your name. Therefore, at your death, or incapacity, all assets in your name are subject to the full probate pro- cess, which averages 18 months and is costly.
• A living trust completely avoids probate.
• A living trust estate plan includes both health care and
financial power of attorney documents and a last will and testament for guardianship of minor children and to “pore over” any assets still in your name at your death, out of probate.
A fully funded living trust, complete with financial and health care power of attorneys, is available to you at 50 percent reduced rates in your FOP Benefits Plan. Call today, and you can lock in an additional police discount of $200. Registration in the Benefits Plan for FOP members and family is free.
Visit www.fopbenefitsplan.com or call 866-729-5454 for as- sistance with registering.
Tom Tuohy is the founder of Tuohy Law Offices and the FOP Benefits Plan. He has been a police lawyer for 35 years. His fa- ther was a CPD detective, and his grandfather was CPD Chief of Major Investigations. You can reach Tom at 312-559-8400.
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26 CHICAGO LODGE 7 ■ DECEMBER 2018