We all know that a will allows you to assign beneficiaries to your assets after you die, but not everyone understands a trust. Establishing a trust can enable you to protect your assets during your lifetime and an easier way to pass your assets to your heirs. An estate plan brings together a will or trust – plus finances that can’t be included in an Illinois trust.
A living trust is a legal document that allows you to assign someone (or yourself) to manage your assets while alive and how to distribute them upon your death. One of the main benefits of a trust is that your heirs will avoid probate court. The probate process can take months or years to close an estate completely. Plus, it can be costly for your beneficiaries. Placing your assets in a trust usually ensures a smooth transition of your assets from your estate to your loved ones.
Someone contesting your will can draw out the probate process for even longer. There are usually 3 main reasons why someone would contest a will:
With a trust, you avoid having the probate court supervise the distribution of trust assets. This is why most people elect to establish and fund a trust. do not need to worry about the probate process or someone fighting your final wishes. But know this: there are certain restrictions on what you can include in your trust.
Certain items cannot be included in your trust.
There may be other items that you cannot include in a trust. This is why working with an experienced estate and probate attorney is important. They can help you establish a financially sound trust that will help you while alive and help your assets avoid probate after your death.
Don’t put your loved ones through a hard fight or the probate process. Our estate planning lawyers can advise you on the best options to help you develop a solid estate plan and a trust that will be difficult to challenge. To talk to a qualified attorney in Chicago, contact the Estate & Probate Legal Group at 630-864-5835.
Areas We Serve: Cook, DuPage, Kane, Lake and Will counties.